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You must diligently contact your mortgage company & ask for a loan modification. 1st they will offer you a forbearance, where they lower the payments for a period to help you get back on track,...

Foreclosure will stay on your credit report 10 years. Any negative action will affect your FICO score, thus affecting your ability to obtain loans. Once you foreclose, you do not owe the balance.
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I live in Calif. Sadly, in default. My ultimate goal would be to do a loan modification on my 1st to obtain lower interest rate & payments. How can I negoiate with lender to give me a lower...