Reasons to Avoid Foreclosure

A foreclosure is one of the most devastating events that can greatly damage your credit and ability to purchase a home in the future. Not to mention, it can also put your job in jeopardy depending on your position. It’s important to understand the additional damage you face by going into foreclosure.

Don’t just give up!

1. You will always have to disclose that you have had a foreclosure on any mortgage application and many job applications that you submit in the future. This is the only credit item that is asked specifically and does not rely on what is on an individual’s credit report.

2. Your credit score will be lowered by 300 or more points. A foreclosure is the most devastating credit issue you can have in relation to future credit availability and can have an adverse affect on your future mortgage rates.

3. A foreclosure is the one credit report item that is almost impossible to have “repaired.”

4. Many employers run credit checks on prospective employees depending on the position. A foreclosure is one of the top items that will put a potential new hire in jeopardy.

5. Many current employers run credit checks. A foreclosure can put a current employment position in jeopardy.

6. Security clearances and government positions including, but not limited to, military and law enforcement can be jeopardized by a foreclosure. Losing your home is devastating enough. There are other options available to you other than having to foreclose on your home.

Are you having financial difficulty and fearing foreclosure?

As your CDPE agent, I will explore every option with you and work towards a resolution. While it may not seem like it now, there will come a time where you current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence so many people face today.

Russell Odom is a Certified Distressed Property Expert (CDPE). Don’t hesitate to contact him to find out what your options are if you are in financial distress.