Foreclosure consequences can leave permanent stain on your credit account and this wont even be the worst thing. My personal advice is to avoid foreclosure at all possible costs even if the stress of mounting debt make seem an idea to drop all and run like a good one. Take a look at few good reasong why you should try at all costs to avoid foreclosure.
Foreclosure consequences:
1. You will loose your property as your lending institution will foreclose mortgage.
2. You will also loose all your equities along with the property.
3. Foreclosure will reduce your credit rating and will leave permanent stain on your credit account which can be extremely hard or even impossible to remove and as a result this can prevent you from ever getting any kind of loans again.
4. It can cause you to pay taxes for the debt reduction amount which will cause even greater financial disaster and add yet one more expense to your bills.
5. If your foreclosed property sells bad on the auction, you wont have a house, will get a bad credit rating and will still be in debt to your lender for remaining amount.
6. Bad credit rating as a result of foreclosure may haunt your every day life in smaller things – getting new cell phone on a plan, buying car on a lease and so on.
Foreclosure usually is done in two ways – foreclosure by judicial sale where court supervises the sale of foreclosed property. The second way is foreclosure by power of sale – in this case lender or mortgage holder is in charge of the property sale. There is a third type of foreclosure which is extremely rare since few mortgage holders want to become a landlords and own foreclosed property.
Please understand that while it all seems like a great financial disaster sitting and doing nothing is the worst thing you can do – avoid foreclosure at all possible costs as it is never to your benefit! If it comes to that, you can offer your mortgage holder or lender a short sale as an option. When it comes to this choice – short sale vs foreclosure, always choose short sale as it is more beneficial for both parties involved! Keep in mind that before you can start short sale process, you need to check if you qualify and hand it hardship letter for short sale!
If you feel it might come to the day when you wont be able to pay your mortgage payments, do a honest analysis of your financial state, take a look at expenses and see where you can save, worst come to worse, put your property or house up for a sale – the sooner the better, the more likely you will get a good offer for your property and more money you will save. This could allow you to save your credit rating and even to buy a cheaper house and move in without the embarrassment of the foreclosure and all the consequences.
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