Most types of foreclosure are considered minor because they do not feature in the judicial system of every state. In one form of the proceedings, you may not have to lose your home to the credit company you took a loan from because what the court does is that they order you to pay the mortgage within a specified period of time.
This is called a strict foreclosure, and it helps if you can have such terms included in your mortgage contract from the first, except that it is only available in certain states. There is still the chance that you might fail in this effort, which would cause your mortgage holder to gain the title to your home or property. They are under no obligation to sell it, but they may choose too.
Strict foreclosure only works when the value of your home is less than the debt that you owe. If you are able to still make up the funds, you may just be able to talk the lender into letting you have the home back. Such an effort does not have to be done since you actually can walk away from the loan and buy another home.
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