Foreclosure
The worst way to lose a home is
through a foreclosure. We call foreclosure “the atomic bomb of credit
scars” - it cuts the deepest and lasts the longest. When something
effects your credit negatively, it lowers your credit score and the
effects last for varying periods of time. Foreclosure lowers your score
the most and for the longest period of time - up to 7 (or more years).
Some distressed homeowners reach
the end of their patience and decide they simply want to “walk away”
from a home believing that foreclosure will be the end of their
problems. The truth is that foreclosure is the beginning of an 8-10 year
nightmare that can involve everything from an eviction by the sheriff,
embarrassment, battling creditors for years, deficiency judgments and
lawsuits, possible tax ramifications that can even lead to garnished
wages, and difficulty getting credit cards, car loans, or even many
types of employment for up to a decade.
If you are facing foreclosure or in a home that you cannot afford to keep and want to sell, please CLICK HERE so that we can contact you and give you all of your options for selling your home and avoiding foreclosure. |
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