Don't Be A Statistic...
You’ll be surprised to learn that many times when a homeowner is in distress they give up, without ever seeking an alternative to foreclosure. Perhaps they don’t understand the process or feel like they no longer care, help is out there, all you have to do is ask.
I’m sure that it doesn’t feel like it now, but there will come a time when these current financially challenging times will be in the past and because a homeowner chose an alternative to foreclosure, they will be positioned to move on in the future without the consequences that have to be faced when a foreclosure happens.
7 Reasons to Avoid Foreclosure
- You have to disclose that you have had a foreclosure on any mortgage application and many job applications you submit in the future. This can have an adverse affect on your future mortgage rates. This is the only credit item that is asked for specifically on applications and does not rely on what is on an individual’s credit report.
- Your credit score will be negatively affected and a foreclosure is the most devastating credit issue you can have in relation to future credit availability.
- A foreclosure is the one credit report item that is almost impossible to “repair’.
- Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.
- Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.
- Many current employers run credit checks and a foreclosure can put a current job in jeopardy.
- Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.