Home Foreclosure

If you don't make your payments and do nothing to resolve the situation with your lender, the lender will take possession of the house and you will be removed by the Sheriff. In today's market, lenders are processing thousands of loan modifications and short sales. Normally your lender will notify you of the foreclosure date when you have missed your 3rd consecutive monthly payment. This will ruin your credit for 5 years. If you think bankruptcy will save you, think again. Your credit is ruined for 7 years, and your lender can still come after you to recover the money they lost.

Pigs, Puppets & People in Peril by Martin Andelman

Added: July, 11 / 2009

So, apparently we've got quite the foreclosure problem going on in this country. It's true. It seems that a whole bunch of people bought homes they couldn't afford for too much money and now they're having trouble making their mortgage payments.
Read more at The Niche Report

Mortgage Bailout to Aid 1 in 9 U.S. Homeowners

Added: June, 1 / 2009

The Obama administration announced details of a housing rescue plan it said would help as many as one in nine homeowners, from low-income Americans struggling to avoid foreclosure to well-off borrowers who owe more than their homes are worth.
Read more at The Wall Street Journal