Unfortunately, Foreclosure can happen. By missing a mortgage payment, your lender has the legal means to repossess your home and force you to move out. If your property is worth less than the total amount you owe on your loan, a Deficiency Judgment could be pursued. Both a Foreclosure and a Deficiency Judgment can affect your ability to qualify for credit in the future. So you should avoid foreclosure, if possible.
We love helping people with their home purchase and refinance needs. We look forward to answering all of your mortgage questions. Call us today at 207-899-5354, we are here for you.
Company NMLS: 926200
Blue Stripe Mortgage