Increasing numbers of US homeowners are 'underwater' with negative equity. They are also struggling to make their mortgage payments because of money problems caused by job losses and spiraling consumer debt. According to a year-end report by RealtyTrac, there were a total of 861,664 mortgage foreclosures over the course of 2008. As many as 3.1 million households received a notice.

What is Mortgage Foreclosure?

Mortgage foreclosure involves 'walking away' from home ownership and not making any further mortgage payments. The mortgage lender then takes legal action against the borrower to repossess their secured asset; they are entitled to sell the home in order to recover their money. Whilst a lender will attempt to get the best market price, the former homeowner is responsible for any deficit.

Will a Mortgage Lender Pursue a Homeowner?

A mortgage lender is entitled to pursue a homeowner for the difference between their mortgage and the price the house is sold for. In practice, this isn't likely to happen unless that person has a high disposable income or other saleable assets. John Mechem, a spokesman for the Mortgage Bankers Association. “You can't squeeze blood from a stone.” Some States, such as California and Arizona, have laws in place that prevent a homeowner being pursued.

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