Imact 5: Learn more about foreclosure

If a homeowner is struggling to make payments on their home, and stops all action to do so, the end result may be a foreclosure. 

Former President of the Realtors Association of the Palm Beaches, Bill Richardson, says the foreclosure process can take years.

"Foreclosure is not a noun, it's a verb, it's a process," Richardson said. 

The process can also wreak havoc on a person's credit.

"If you're going to be evicted out of your property, your credit is really going to be damaged severely, it's not really the best option," he explained.

"The lender at some point will file what's called a list penance, and that's their notice of intent to foreclose.  And that process, in Palm Beach County, can go on for years."

As with any important financial decision that affects your future, consult with experts. Richardson suggests every homeowner seek the guidance of a trusted real estate agent before taking steps towards any important change.

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