Your house has been foreclosed. You have moved. Now, are you free of the debt?
The lender has taken possession of the house you thought you owned. They will now sell it If it does not bring enough to pay the debt you agreed to they may file a judgement against you for the remainder of the debt.
Once a judgement is placed it is recorded at the County Court House and becomes public record. Any future sale of assets may be subject to be taken to satisfy this debt. Judgements affect our ability to purchase.
Speaking of debt, does the same structure apply to the debts our Country owes?
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