Reasons To Avoid Foreclosure
Atlanta home owners who are in distress situations, behind on mortgage payments, and facing foreclosure often just want to give up and walk away. Distress situations are times of extreme stress and frustration, but this is not the time to give up. Below are reasons you will want to avoid foreclosure.
Reasons To Avoid Foreclosure
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You will have to disclose that they have had a foreclosure on future mortgage applications and many job applications, having an adverse affect on future borrowing and employment.
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A foreclosure on your credit report can have an adverse affect on future borrowing rates.
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Your credit score will be lowered by 300+ points.
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Foreclosure is the one credit report item that is almost impossible to "repair."
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A lender can seek a deficiency judgment after the foreclosure, meaning that the foreclosure is not the end of financial burden.
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Many employers run credit checks as part of the hiring process, meaning that a foreclosure could put future employment in jeopardy.
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Many employers run periodic credit checks on current employees, which can put current employment in jeopardy.
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Security clearances and government positions such as military service and law enforcement can be jeopardized by foreclosure.
If you or someone you know is behind on their mortgage payments, contact me for a private consultation. As a Certified Distressed Property Expert (CDPE), I have the skills and knowledge to help save your, your family and your home from foreclosure. Certified Distressed Property Expert Explained
What Is A Short Sale
Why Reasons to Avoid Foreclosure
Short Sale Qualifications
