These days more homeowners are facing a tough decision about whether foreclosing is the only option they have left. Deciding to foreclose on your home will have implications on your family and your credit for the rest of your life.
When a homeowner can no longer make payments to a lender for a home, the lender may repossess a home in the process of foreclosure, usually with the purpose of reselling it, to recover the amount owed on the defaulted home. Homeowners facing foreclosure proceedings will face lasting implications.
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A few of the effects of foreclosure are:
1) Your credit scores will be significantly lowered, sometimes by more than 300 points. This is the single most devastating mark on your credit report and will affect all of your future credit possibilities.
2) A foreclosure listed on a credit report is nearly impossible to have repaired and will most likely remain a permanent mark on this valuable personal report.
3) Any future application for a mortgage you apply for will require you to reveal a previous foreclosure, greatly affecting your mortgage rates.
4) Most employers will also conduct a credit check. With a huge drop in your credit score due to a foreclosure, this may also 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 a credit check, then a foreclosure may even put your current position in jeopardy.
6) In order to recuperate money they did not receive during a bank sale of the property, a lender may seek a deficiency judgment against you to obtain the balance.
7) Depending on your 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.
8) Your family will have to relocate. This is always a disturbance for children, marriages, careers, and other important aspects of your life.
A short sale process may be the better way out. Click here now to see if you qualify.
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Orange County Short Sale Agents and Realtors offering assistance in the following areas:
San Clemente, Talega, San Juan Capistrano, Dana Point, Capistrano Beach, Laguna Beach, Newport Beach, Newport Coast, Corona Del Mar, Huntington Beach, Fountain Valley, Costa Mesa, Orange, Irvine, Tustin, Foothill Ranch, Lake Forest, Portola Hills, Laguna Hills, Laguna Niguel, Aliso Viejo, Mission Viejo, Ladera Ranch, Rancho Santa Margarita, Foothill Ranch, Coto De Caza, Dove Canyon, Trabuco Canyon & Las Flores
Helping Stabilize Property Values One Homeowner At A Time
Orange County short sale realtors offering homeowners expert short sale information and short sale assistance with a San Clemente short sale, Talega short sale, San Juan Capistrano short sale, Dana Point short sale, Capistrano Beach short sale, Laguna Beach short sale, Newport Beach short sale, Newport Coast short sale, Corona Del Mar short sale, Huntington Beach short sale, Fountain Valley short sale, Costa Mesa short sale, Orange short sale, Irvine short sale, Tustin short sale, Foothill Ranch short sale, Lake Forest short sale, Laguna Hills short sale, Laguna Niguel short sale, Aliso Viejo short sale, Mission Viejo short sale, Ladera Ranch short sale, Rancho Santa Margarita short sale, Foothill Ranch short sale, Portola Hills short sale, Coto De Caza short sale, Dove Canyon short sale, Trabuco Canyon short sale & Las Flores short sale
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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.