Quote:
Originally Posted by AGDee
Not really. It does destroy your credit score for about 7 years but I've known people to get credit after they foreclose. The only thing the mortgage company gets is the house that is mortgaged. It's not like a bankruptcy where they can seize/sell off your assets to pay your creditors.
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This is only true, as far as I know, if there is mortgage insurance to cover any differences between the resale price and the amount owed . . . if not, I'm nearly certain the mortgage holder can file for a lien on existing assets for the (newly-solvent) individual/couple . . . I'm no expert, though, clearly.
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