One of the first and most-read real estate blogs around is raincityguide.com, I browsed through one of their posts about foreclosure, it's an interesting read that might be of help to you.
Here are some excerpts:
"At least once a week, I speak with someone who has mortgage payments of $3000+ per month, where they could rent a suitable place for half that and they owe $50,000+ on the property beyond what it is worth."
"Some people wonder whether they can just walk away from the property and be done with it. The usual plan: Let it go to foreclosure, temporarily ruin your credit, and start saving the difference between rent and the mortgage. To determine whether this is a good idea -- or, more accurately, to get an idea as to the risks and benefits of doing so -- you must first understand the difference between a judicial foreclosure and a nonjudicial foreclosure."
It may be a good idea to read this so you can better understand the BIG difference between judicial foreclosure and non-judicial foreclosure.
You can read the full post here: When is foreclosure right for you?
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