Reasons to AVOID Foreclosure

By
Real Estate Agent with Re/Max Associates - The Daniels Team RA0003400

You will be surprised how many times a homeowner in foreclosure will give up, perhaps they don't understand the process or feel like they no longer care or have a choice.  Does this sound like you or someone you know?  Please consider the following reasons why you should avoid foreclosure.

1. You will always have to disclose that you had a foreclosure on any mortgage application and many job applications you submit in the future and this can have an adverse affect on your future mortgage rates.  This is the only credit item that is asked specifically and does not rely on what is on an individual's credit report.

2.  Your credit score will be lowered by 300+ points and a foreclosure is the most devastating credit issue you can have in relation to future credit availability.

3.  A foreclosure is the one credit report item that is almost impossible to have "repaired".

4.  Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.

5.  Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jepardy.

6.  Many current employers run credit checks and a foreclosure can put a current poosition in jepardy.

7.  Security clearance and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.

8.  You may be responsible for any deficiencies after foreclosure for an indeterminate period of time depending on state guidelines.  This can place you in a never ending collection situation.

As your Certified Distressed Property Expert Agent, I will explore with you and work towards a resolution.

I know it may not seem like it now, but there will come a time where your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid the devastating financial consequences so many people are facing today.

Please, if you or someone you know is facing or potentially facing default in the mortgage. If you or they are late in their mortgage payments, don't wait.  Contact Carol Daniels for a private consultation.  There is no charge for this consultation.

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