More people today than ever before are facing a tough decision about whether foreclosing is the only option they have left. If you decide to let your home be foreclosed on it 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 in Tennessee or Georgia will face lasting implications.
Avoid Foreclosure Now - - Click Here To Learn How To Avoid The Foreclosure Process!
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 repair 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 credit score due to a foreclosure, this may also hinder your future employment opportunities. This is even more of a factor with government positions, including military and law enforcement agencies, airline employees needing security clearance etc.
5. If your current employer runs credit check, then a foreclosure may even put your current position and future advancement 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 owed plus costs of the foreclosure process.
7. You may be responsible for deficiency judgments as they are allowed in both Tennessee and Georgia. This may put you on a prolonged cycle of collections.
8. Your family will have to relocate. This is always a disturbance for children, marriages, careers, and other important aspects of your life.
9. Massive stress and trauma on you and your children while waiting and never knowing when the knock on the door may be someone serving you foreclosure papers and notice to vacate.
A short sale process may be the best way out. Click here to see if you qualify.
