What happens after your house is repossed?

After your house is repossessed, the lender typically sells the property to recover the outstanding mortgage debt. You may receive a notice of foreclosure, and any remaining balance after the sale, known as a deficiency, could still be owed to the lender. Your credit score will be negatively impacted, making it harder to obtain future loans. Additionally, you may need to vacate the property and find alternative housing.