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5 Reasons to Avoid Foreclosure

By
Real Estate Agent with Laura Coffey & Associates BRE #01410130

5 Reasons to Avoid Foreclosure

5 reasons to avoid foreclosure

If you are thinking that a foreclosure may be in your future because you are overwhelmed with dept or behind on payments here is 5 reasons to avoid foreclosure.

1. The home owner will almost always have to disclose that they had a foreclosure in their past.

2. Credit scores can be lowered by more than 300 points affecting your ability to get a car, apartment, credit cards, etc.

3. A foreclosure is one of the hardest things to repair on a credit report.

4. When you have a foreclosure on your record it can revoke or damage your security clearance with some jobs such as military, government, and police force.

5. Many employers run credit checks on prospective employees and ask on applications if you have ever had a foreclosure.

Instead of foreclosure look into doing a short sale on your home. Contact a local Realtor with Short Sale experience along with great selling capabilities. You should not have to pay the Realtor any commission whether they are able to successfully close your home or not. Most will give you a private consultation for free.

Click for more information regarding short sales

Tim and Pam Cash
Crye-Leike (Sango) - Clarksville, TN
Real Estate Professionals - Clarksville TN

Laura, number four really hits home in our area.  Many in the military are unaware that a foreclosure can do so much more than destroy their credit - it can destroy their career as well.

Feb 06, 2011 06:24 AM
Laura Coffey
Laura Coffey & Associates - Valencia, CA
Broker Associate

My son just joined the Army and the recruiter informed him to keep his finances in order because he needs a security clearance for his job as Satellite Communications. It's important.

Feb 06, 2011 06:26 AM
Kim Darling
Keller Williams Westland Realty BRE# 01864461 - Fresno, CA
CRS,GRI, "Your Home Team" Fresno/Clovis Homes

This is a great, short, succinct list that is perfect. I will use this to help create my own script so to say for talking to distressed homeowners. Sometimes, I think they just feel that we want to get a commission so we want them to sale, instead of the fact that we can help them avoid problems. I hope you don't mind me using this, it's great!!!!

Feb 06, 2011 06:48 AM