Take it from me, just went through foreclosure and it is not a good thing. See what kind of agreement you can make with the lender. Foreclosure on your credit is a horrible thing and lasts for 7 to 10 years. With everything so bad, the company will want to work something out with you. You will only owe money on the home if it gets sold at auction for under what your loan is. If it is sold for more than the loan is the money supposedly is yours, however after all fees and liens are paid, which pretty much leaves you with nothing and it takes forever and a day to get. So trust me, try to work things out because foreclosure really shouldn't be a solution. You would only be hurting yourself in the long run.
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