Effects of Foreclosure

How Foreclosure Effects You

1) Your credit scores will be significantly lowered, by more than 300 points possibly. This can be viewed as the most devastating mark on your credit report and will likely affect all of your future credit possibilities

2)  A foreclosure listed on your credit report is nearly impossible to repair and will most likely remain a permanent mark on your valuable personal record

3)  Any application for a mortgage in the future you apply for will require you to admit your previous foreclosure, greatly affecting mortgage rates you will qualify for…not good

4)  Many employers now conduct a credit checks when applying for jobs, a huge drop in your credit score due to a foreclosure, may hinder your future employment opportunities. This is especially true of many government positions, including military and law enforcement agencies

5)  If your current employer runs an updated credit check, a foreclosure could even put your current position at risk

6)  To recuperate money a bank did not receive by sale of the property, a lender often seeks a deficiency judgment against you to obtain the balance, not fun paying for a house you don’t even own anymore…

7)  Dependant upon state law, you may be responsible for deficiencies after the foreclosure for an undetermined time period, placing you in a prolonged cycle of continued collections, again, not fun paying for a house you no longer own

8)  Foreclosure is always a disturbance for children, marriages, careers, and other important aspects of your life

A Short Sale May Be Your Best Option! See if Your Property Qualifies here: