Title: What Happens When You Let Your House Go Back to the Bank? | Home Guides | SF Gate
Headings: What Happens When You Let Your House Go Back to the Bank?
What Happens When You Let Your House Go Back to the Bank?
Losing Your House
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Content: Losing Your House
The process by which you lose your home in a foreclosure varies from state to state and it can depend on the type of loan you have. Generally, you'll get a warning after you miss a few payments. If you don't make your back payments, your house will eventually be sold at an auction. Your state's laws determine how long you have to move out after the auction sale. The bigger issue is whether you allow your house to be foreclosed upon or you work out an arrangement with the lender, typically called a "deed in lieu of foreclosure" where you relinquish ownership of the property to the bank. This saves the bank from the inconvenience and expense of foreclosure. At the same time, it also keeps you from having a foreclosure on your credit report. Although a deed in lieu will show up on your report as well, the impact on your credit may be less. Get the Best Mortgage Rate for You | SmartAsset.com
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