If you are behind on your mortgage and facing foreclosure on your home, here are 10 reasons why you should consider a short sale or some other option rather than letting the bank foreclose on you:
1. You will always have to disclose that you have had a foreclosure on any mortgage application and many job applications you submit in the future
2. Credit scores will be lowered by 300+ points and a foreclosure is the most devastating credit issue in relation to future credit availability
3. A foreclosure is the one credit report item that is almost impossible to have “repaired”.
4. Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.
5. 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.
6. Many current employers run credit checks, and a foreclosure can put a current position in jeopardy.
7. Security clearance, financial, and government positions, including but not limited to military and law enforcement, can be jeopardized by a foreclosure.
8. You may be responsible for any deficiencies after foreclosure for an indeterminate period of time depending on the state you live in. This can land you in never-ending collections.
9. “As a your CDPE agent, I will explore every option with you and work toward a resolution.”
10. “While it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial situation that so many people face today.”
Call our office today to discuss your options (910) 340-5524.