Be Pennywise..

A foreclosure legally allows your lender to take back your home and resell it if you fail to make your mortgage payments. If the resale value is lower than the amount you still owe on your mortgage, you could end up owing the difference (this is called a deficiency judgment). Not only does foreclosure have long-term, damaging effects on your credit history, it also becomes a matter of public record.  [ Read More ]