8 Reasons to Avoid Foreclosure
Sometimes homeowners in financial distress feel that no one cares about their situation and no one is able to help them. You may be surprised how many times a homeowner in foreclosure will have given up, perhaps because they don't understand the process or feel like they no longer care. However, when given these 8 reasons to avoid foreclosure, most homeowners in this situation are ready to start on the road to financial recovery.
1. The homeowner will always have to disclose that they have had a foreclosure on any mortgage application and many job applications they submit in the future and this can have an adverse affect on their future mortgage rates.
2. Credit scores will be lowered many points and foreclosure is the most devastating credit issue you can have in relation to future credit availablilty.
3. A foreclosure is the one credit report item that is almost impossible to have "repaired."
4. 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.
5. Many current employers run credit checks and a foreclosure can put a current position in jeopardy.
6. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.
7. As your Certified Destressed Property Expert, I will explore every option with you and work towards a resolution.
8. While it may not seem like it now, there will come a time when your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence so many people face today.
The Information Above Is Reproduced And Used With Permission Of The Distressed Property Institute, LLC
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 CPA/Tax Expert.