When a homeowner can no longer make payments to a lender for a home, the lender may reposssess 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.

A few of the effects of foreclosure are: 

  1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application and many job applications.
  2. May impact your credit report negatively up to, or greater than 300 points (affecting ability to get a car, apartment, credit cards, etc.).
  3. A foreclosure is the one credit report item that is almost impossible to have "repaired".
  4. Military and government security clearance could be at risk with foreclosure.
  5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that could put a potential new hire 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 judgement against you to obtain the balance.
  7. Your family will have to relocate.   This is always a disturbance for children, marriages and careers, and other important aspects of your life.

 

NOW OFFERED IN THE FREE SPECIAL REPORT VIA EMAIL,

Foreclosure:
What is Means and How to Avoid It.

Sign up below for a copy of this FREE report above as well as any of the following:

      •        The 7 Most Common Short Sale Pitfalls
      •        The 7 Most Dangerous Short Sale Myths
      •         Options and Solutions For Homeowners In Foreclosure
      •         3 Must Have Qualifications For a Short Sale Homeowner
      •         Foreclosure vs. Short Sale Homeowner Consequences

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Steve & Victoria
Gore & Associates
CRS, GRI, ABR, CLHMS, e-Certified, REPS, CDPE
Keller Williams Realty
13400 Sabre Springs Parkway, Suite 100
San Diego, CA 92128
Phone: (858) 229-9939
Fax: (858) 413-2127
License No.: 01343193, 01337036
Email: Steve@sdAvoidForeclosureNow.com
Email: Victoria@sdAvoidForeclosureNow