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  1. #1
    tancj is offline Junior Member
    Join Date
    Apr 2008
    Posts
    1

    What happens to me if my home is foreclosed?

    What is the name of your state? MN

    If my home is foreclosed is it hard to find a place to rent? Could this affect me getting another job? What legal action can be taken against me and can they garnish my wages or taxes? How does HOA fees work when your home is foreclosed? Should you still pay those?
  2. #2
    FlyingRon is offline Senior Member
    Join Date
    Feb 2007
    Posts
    16,619
    Foreclosure will destroy your credit. This may make renting difficult. Most employers won't find out or care although certain security sensitive jobs will find this out in their background checks and it will be a concern to them.

    You owe the HOA fees for the period up until the point the house is sold at the sheriff's sale.

    The foreclosure will pay off everybody (tax man, first mortgage, second/home equity, HOA's) until the money runs out. Those who don't get paid fully can come after you for the rest of the money.

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