As we have mentioned before, Jole and I are asked pretty often about homeowners losing their homes. Sometimes when we are talking with a homeowner, they will say "well, my neighbor let their house get foreclosed on and they are ok". That's what the neighbor will tell you, of course, but what they fail to mention is this...
The 5 Reasons to Avoid Foreclosure
1. They will always have to disclose that they had a foreclosure on any future mortgage applications.
2. Their credit score will drop 300+ points. It can take years to rebuild their credit, so financing a car is pretty much out of the picture.
3. The "FORECLOSURE" will always be on their credit report.
4. If they have any type of security clearance, for military or government, they may be at risk of losing it.
5. Most employers run credit checks on potential employees. A foreclosure could hurt their chances at getting that job.
Their is help available. Call a Realtor today if you are having trouble with your house payments.
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