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Foreclosure Typically a foreclosure is your worst option for disposing of a property that is upside down. You lose all control of the process and you will take the biggest hit on your credit. The one good thing is that the process is very defined by law so you will know how much more time you have before you have to vacate your home. Unfortunately these times are minimum times. A bank can take much longer to complete a foreclosure. Some banks have allowed homeowners to stay in the home for years without paying a mortgage. But when the Sheriff shows up to lock you out, you are done. You have little time to get your stuff out of the home. Foreclosure can be a scary issue because (outside of the time line set forth by law) every bank handles things differently, and they probably will not tell you what their policy is. Save yourself some hassles and choose a different option. |