Foreclosure process:

Foreclosure processes are different in every state.

In general, mortgage companies start foreclosure 

processes about 3-6 months after the first missed

mortgage payments. Late fees are charged after 10-15

days. After 30 days, the borrower is in default, and the

foreclosure processes begin to accelerate. 

All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings.

Once properties are sold through an auction, families

have a short time to find a new place to live and move

out before the sheriff issues an eviction.

Results: Loss of property and damage to your credit score, which  takes 3 or more years to restore.

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Bankruptcy:

Everything you own on the date of filing and anything that you receive in the six months after you file is part of your bankruptcy estate. Homeowners will lose their homes if they are behind on mortgage payments or cannot protect all home equity with a bankruptcy exemption. Banks consider you now a risk, making it difficult or impossible to get loans, rentals,  or unsecured credit.

 

Unpaid Medical Bills:

​Any unpaid medical bills $500 or higher will show up on your credit report, where they will remain for 7 years or until they are paid off.

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Liens:

Any individual or entity owed money by a property owner​

has the right to put a lien on the property as a means of

securing payment. Liens may put owners at risk of losing

their properties through seizure, if a debt remains unpaid.

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