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
Get the Best Mortgage Rate for You
Deficiency Judgments
Credit Post-Foreclosure
Mortgage Free Living
Your Next Step

Content: What Happens When You Let Your House Go Back to the Bank? | Home Guides | SF Gate
What Happens When You Let Your House Go Back to the Bank? Losing your house is a traumatic experience that can have wide-reaching consequences. In addition to the loss of your home, you'll probably experience significant impacts to your credit, as well as potentially being subject to a collection action for years to come. On the other hand, it can give you a chance to start fresh and be free of your mortgage. 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.