5 Ways Foreclosure Will Impact You in Northern Kentucky and Cincinnati

Facing foreclosure? Having a home go into Foreclosure will impact you and your life in so many ways. From obvious negative financial aspects to the amount of stress this could potentially put on you and your family, you do NOT want to go into foreclosure if you do not have to! Keep reading to learn how foreclosure can impact you.

If your lender has just begun to issue notices of non-payment, then they have not issued the foreclosure yet. Why wait? Avoid all of the negative impacts of foreclosure by selling to us now. Read on to learn 5 ways foreclosure will impact you in Northern Kentucky and Cincinnati.

5 Ways Foreclosure Will Impact - upset women

Negative Credit Reports

If foreclosure is looming over you like a black cloud on a sunny day, don’t ignore the rain. A negative credit report due to a foreclosure can impact your ability to acquire new housing and quite possibly impact getting a job in the future as well. A lower credit score will also often result in being denied consumer credit. Often, if you are approved, the interest will be astronomical, only adding to the financial issues you are already facing. Use the link to see how long foreclosure will impact you financially.

Lost Equity

Equity is the difference between the current market value of your Northern Kentucky or Cincinnati home and what is owed to the lender holding the mortgage on your property. As one of the largest investments most of us will make, equity can build up literally into the hundreds of thousands over years, depending on the current trends in real estate. Now, you naturally look forward to reaping the rewards of the equity in your home. This return on your investment will be impacted severely and is usually completely lost to you should you go into foreclosure. 

Stress

The uncertainty of not knowing when you will have to leave your home can lead to sleepless nights and have negative emotional impacts. This can extend out into your work, friends, and even close personal relationships, causing additional strain. Not to mention the embarrassment of being denied housing opportunities due to the foreclosure. Being evicted can be a traumatic experience and not a memory anyone recalls fondly.

Deficiency Debt

Often homes that go into foreclosure do not realize the full market value in Northern Kentucky and this leaves what is known as a deficiency debt. You could still end up being responsible for the remainder of the debt, which is an additional burden on your already stretched resources, along with yet another negative impact on your financial history.

Fannie Mae Access

Once you’ve gone through a foreclosure, guidelines in place prohibit you from the ability to get a mortgage through the Fannie Mae program for 7 years. When it comes to the mortgage industry, Fannie Mae is one of the largest mortgage lenders. Loans that are acquired through them provide homeowners several worthwhile benefits. The inability to avail yourself of this program could impact you by limiting the opportunities available to you in the Northern Kentucky and Cincinnati housing market.

Sell It Now! Quick action is called for when there is an impending foreclosure on your property. The simplest way to avoid all of the negative impacts foreclosure can bring to your life is to nip it in the bud and sell your Northern Kentucky or Cincinnati home to us.

Call We Buy NKY Houses at (859) 412-1940 or send us a message to discuss the process with us today and sleep soundly tonight. We will help you learn how a foreclosure will impact you and what you can do about it! 

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