If your mortgage is no longer affordable and you’re thinking of letting your house go into foreclosure, here are five very important things you should know;
- If you let your house got to foreclosure, you won’t be able to get a new home loan for 5 years.
- Foreclosure can lower your credit score by 250 to 300 points, making it difficult to get car loans and other types of credit.
- Foreclosure will be a matter of public record for at least 10 years. If asked on a rental or job application you will have to disclose it.
- Foreclosure can effect current and future employment, since current and future employers have a right to check your credit history. Especially important if your job requires a security clearance.
- Foreclosure can result in a larger deficiency judgment against you then a short sale.
You can avoid the costly results of a foreclosure with a short sale and save your financial future in the process.
To learn more about how to avoid foreclosure and short sale your house, contact me by email and I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 480-820-0043