Foreclosure Help

I know that it “ruins” your credit, but that’s not necessarily true. Millions of people with car loans and house loans currently defaulted on items in the past.

I want to know for someone that has always paid on time. How precisely will a foreclosure effect my future life?

I live in Dallas, TX. Will you recommend buying a foreclosure home?
What is the advantage and disadvantage of buying a foreclosure home?

Please help. I’ll pick the best answer later.

Product Description
Over the last two years, the United States has observed, with some horror, the explosion and collapse of entire segments of the housing market, especially those driven by subprime and alternative or “exotic” home mortgage lending. The unfortunately timely Foreclosed explains the rise of high-risk lending and why these newer types of loans-and their associated regulatory infrastructure-failed in substantial ways. Dan Immergluck narrates the boom in subprime and exoti… More >>

Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America’s Mortgage Market

I have a relative that can no longer pay for a high mortgage payment, what options are available to avoid foreclosure? The house has been on the market for nine months but no buyers.