Open Question: Does your mortgage co. come after you if your home is foreclosed?

[Administrator]

I got in on a bad loan with an adjustable rate. My husband lost his job and then we got behind on our mortgage. We have tried to refinance, but can't because we've only been in this house a year and we have a prepayment penalty. We would need too much cash to close. We are now trying to work with our current lender to modify the loan, etc. Just wondering, if we foreclosed, would they come after us? Please no smart alec answers! Please don't take joy in kicking someone when they're down. I'd like to know from someone who's actually been through a foreclosure. How was the process?


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