Here is my situation.

I purchased a new home in Aug 06 and like many people who try to keep up with the Jones' I chose a house that I could "afford" but just barely. Now a year + later, I'm in a position to where the payments are eating me alive and I've had to dip into what savings I have left just to keep payments current. I'm now behind one payment and am facing foreclosure. I don't have the $ to come to the table to close @ a sale or keep payments up while the house sits on the market.

I'm trying to get a better understanding of my "worse case scenario" (foreclosure). I understand it mars your credit something horrible and virtually makes it impossible to purchase anything via credit. But what else can happen? Can they garnish your wage if there is a deficiency judgment? Can they take your car (that I need to get to work to support myself)? Can they go after your bank account (of which it is very minimal right now, but my paychecks are direct deposited there).

I realize the err of my ways and I shouldn't have purchased a home that i was not financially ready for. But I do want to be prepared in the event that I do foreclose, the repercussions, etc. I do not want to simply become a statistic, I want to learn from this experience (as painful and embarrassing as it may be).