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My childhood friend, Parker, moved to Arizona some time in 2007. He received a job offer in Phoenix and after a few months he bought his first home. Parker was good at his job but he was not good at keeping up with his mortgage payments. As a mater [url=http://www.sidegemeinde.com/peutereyoutlet.php]peuterey sito ufficiale[/url] of fact, [url=http://www.par5club.com/louboutin.php]louboutin[/url] he was so bad at it that at one point he was facing imminent foreclosure. Apparently he was not quite aware of the negative consequences of foreclosure on his credit rating and subsequently, on future financial activities. Sure enough, he received a notice of foreclosure. As his home was in Arizona, the foreclosure notice did not involve court action because Arizona is a non-judicial state but he was served with a foreclosure by advertisement. In short, the trust deed he signed upon the purchase of his home contained a provision known as a power of sale clause that allows a trustee namely the bank to sell his home should he default on the loan.

Even after he received the notice, Parker was still all nonchalant about it. He went as far as letting the foreclosure to actually take place. During this process he bunked in [url=http://www.agentparadise.com]woolrich sito ufficiale[/url] with one of his office colleagues. The consequences of foreclosure finally hit him smack in the face when it was time to pay taxes. Parker thought once the home was foreclosed he would not have to have anything to do with it any longer. He did not know that whenever a bank forgives a debt with an amount of $600 or more, they would be required by law to report it [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] to the IRS. His home was valued at more than just $600 for sure. Prior to the foreclosure, Parker owed the bank $300k and at the auction the house was sold at merely [url=http://www.shewyne.com/woolrichoutlet.html]woolrich outlet[/url] $200k. The bank forgave the $100k balance that he could not pay. That particular $100k would go into his tax details as income and he would be taxable for it. So instead of owing the bank, he would now owe the government quite a lot of money.

Parker was definitely wishing that he had tried to do everything he could to avoid foreclosure as soon as he received another notice. His second mortgager filed a lawsuit against him. Arizona has anti deficiency laws that were legislated to protect home owners from being sued by lenders or mortgage companies. However, the law may not protect home owners from lawsuits for damages in some situations like Parkers. His second mortgager filed a lawsuit against him because they were not [url=http://www.riad-marrakesh.fr]abercrombie[/url] able to recover what was owed to them because the foreclosure could not even fulfill the claims of the first mortgager. Of course, in any foreclosure lawsuit the bank may be required by law to prove their claim that they own the property and that itself would take quite some time. However, Parker was also required to respond to the lawsuit and doing so would require a lot of his time as well as money as [url=http://www.riad-marrakesh.fr]abercrombie pas cher[/url] he would have to appoint an attorney to represent him.

The foreclosure of his home also damaged Parkers credit rating. If he had taken his mortgage seriously and had sought foreclosure advice that he obviously needed he probably would not have had to face so much trouble in finding a new home. The record of foreclosure will remain permanent in his credit report so whenever a lender, seller or even an old lady looking for somebody to rent her apartment to, takes a look at his [url=http://www.teatrodeoro.com/hollisterde.php]hollister deutschland[/url] credit [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] score they [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] would be more than likely to deny his application. A drop of 200 points from his credit score definitely took its toll on him. The domino effect of [url=http://www.diecastlinks.co.uk]hollister outlet[/url] the foreclosure on his credit card and insurance rates was definitely a shock to him. [url=http://www.thehygienerevolution.com/hollister.php]hollister[/url] His credit card interest rates went up. Now even swiping his credit cards could be extremely costly.

There are people who would probably do anything within their power, to prevent foreclosure from happening. However, Parker simply laid back and let it happen to him. Now, he is having a hard time rebuilding his life and his favorite two words are if only.
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