What Happens if My House Goes Into Foreclosure?

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If a house goes into foreclosure, the idea is that the lender is trying to obtain ownership of the house. Find out how ownership of a house may not prevent a lender from seeking a deficiency payment with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
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Video Transcript

You like many other Americans have suffered some tough times recently and you've fallen behind on your mortgage payments and now the lender is making noises about instituting foreclosure proceedings against you. Hello, I'm Robert Todd and I'm here to answer the question what happens if my house goes into foreclosure proceedings? Well basically the idea of the foreclosure is the lender is simply trying to obtain ownership or possession of your house so they can sell it and see if from the sale they can realize proceeds sufficient to pay off the mortgage. That's really all a mortgage foreclosure proceeding is about. Now the downside is if they institute foreclosure proceedings and they do obtain ownership and possession of your house and they have a sale and it doesn't provide funds sufficient to pay off the mortgage, in other words that there is a deficiency, then you may owe a deficiency judgment. So you want to avoid the foreclosure proceeding if you can. I'm Robert Todd and thank you for watching.


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