If you or someone you know is headed toward foreclosure, or are already in foreclosure, you need to know your rights and options now. Only then can you save your house, save your credit, and save your equity before it's wiped out forever.
Foreclosure can mean the loss of your home, any equity in your home, your credit rating and your dignity. Foreclosure is a very public process, with your name listed in the public court records and then published in your local newspaper. Then, once you are ready to move on with our life, your foreclosure appears on your credit report for at least 7-10 years. In addition, all mortgage applications currently ask if you have EVER had a foreclosure. You'll have to check "Yes" for the rest of your life.
A foreclosure usually means that you won't be able to buy another house for several years unless you agree to the exorbitant interest rates of "Bad Credit' mortgages which can be twice the rate of regular mortgages.
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