Foreclosure Doesn't Mean You Don't Pay!

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I think one of the biggest misconceptions with foreclosures is once a house is foreclosed on people think they are out of debt. Unfortunately thats not the case.



People tend to think that once their house is foreclosed on that they owe nothing more for it but many times thats not true.

If the bank that foreclosed on the house sold it for less than what you owed, then you still owe the difference in most cases.

That is happening everyday and more and more people are having to go into bankruptcy because of it. They couldn't afford to pay for it to begin with which is what caused the foreclosure and then suprisingly they learn they still owe the bank money.