How does foreclosing on a house affect one's credit rating and what can a bank do to get their money?

a foreclosure typically reduces your credit (FICO) score by about 200-300 points. The bank forecloses, and then sells the property to get their money. If there is a deficiency, they can sue you for that amount and obtain a personal judgment against you. With a judgment, they can levy on your personal property and sell that too.

How does foreclosing on a house affect one's credit rating and what can a bank do to get their money?
And if the bank gives up and decides they can't get the money from you, they will send you a 1099-C for the difference and that *can* be taxable income to you.

floral