A Few Effects Of Foreclosure
1. Your credit scores will drop by approx. 300 points or more. This is the most harmful mark on your credit and will negatively impact all future credit possibilities as it is almost impossible to fix.
2. Any future mortgage application will disclose the previous foreclosure and subject you to higher interest rates.
3. Many employers conduct a credit check. With a huge drop in your credit score, this might compromise future employment opportunities, especially for government, including military and law enforcement agencies.
4. Should your current employer run a credit check, your current position may be at risk.
5. The foreclosing lender may obtain a judgment against you for the money they did not recover during the bank sale.
Call us today at (408) 836-2457, (408) 608-8713, or Click here to have a Certified Pre-Foreclosure Specialist call you today.