Foreclosure is the legal means that your lender can use to repossess your home. When this happens, you must move out of your house. Additionally, if your property is worth less than the total amount you owe on your mortgage loan, your lender, or the US Department of Housing and Urban Development (HUD), could pursue you for a deficiency judgment. If that happens you not only lose your home, but, there would be an additional debt that you would owe to your lender or to HUD.
Foreclosure, or a deficiency judgment, could seriously affect your ability to qualify for credit in the future. AVOID IT IF AT ALL POSSIBLE!!!