Do you know how foreclosure of your house will impact you in the future? The wheels that drive foreclosures turn very slowly, and there is ample opportunity to steer the ship in a new direction and salvage your future. Sadly, foreclosure is entirely avoidable, yet lives are often damaged for years because homeowners didn’t understand the consequences and took no action to prevent the process. Whatever circumstances change to create the situation, homeowners who take steps to bypass the inevitable loss of the home will have the most control over their future. As the letters from the lender begin to arrive, there is still time to reach out to the lender and attempt to work towards an amicable solution. The road ahead will be difficult for those who choose to keep their heads in the sand and wait for the lender to foreclose. Read on as we discuss five ways the foreclosure of your house in Greater Cincinnati Area or Cincinnati will impact you in the future.
One of the ways the foreclosure of your house will impact you is the expense; your attorney will charge thousands, not to mention any fees that accumulate on the mortgage loan or from the process of foreclosure itself, which can be substantial as well. Therefore, allowing your home to fall into foreclosure is a procedure that is costly not only to you as the homeowner but to the lender, the local government, and local property owners.
Another way the foreclosure of your house will impact you in the future is by the loss of equity. As homeowners pay down their mortgage balance, the difference in the amount owed and the home’s current market value is known as equity. As the fees and costs of the foreclosure add up, the equity you’ve built over the years will slowly begin to drop. Additionally, lenders typically go with the lowest appraisal value, further depleting the level of any remaining equity.
One of the most immediate impacts of the foreclosure of your house is the effect on your credit. While it won’t last forever, your foreclosure will be on your credit report for seven years. While not impossible to acquire credit with this red mark on your records, rest assured you will pay much higher interest rates as a penalty, making life even more expensive as a consequence. It will help your creditworthiness as you work towards rebuilding your credit and regain control of your financial future.
Qualifying for a mortgage will be difficult. Under several government programs, it will be impossible for the next seven years; if you qualify for VA loans, the period may be as short as two years following the foreclosure of your Greater Cincinnati Area or Cincinnati house. There are, however, some extenuating circumstances, such as illness, divorce, or job loss, that will allow these lenders to work with you, so don’t put your head in the sand again; reach out and take charge of your future.
As more employers run credit checks in the attempt to find more productive workers, your future employment potential has become another one of the ways the foreclosure of your Greater Cincinnati Area or Cincinnatihouse will impact you. If you are in this situation, concentrating on credit repair will work in your favor. Although it doesn’t make every job impossible, your hirability is more dependent on your creditworthiness if the job requires you to handle money or customers’ financial data.
Help With Your Home Foreclosure
We Buy NKY Houses buys houses directly – and if that doesn’t sound good to you, we can help you list on the MLS and sell for top-dollar, or, we can do all of the work for you, you choose! There are many more reasons why Greater Cincinnati Area real estate investors should also be licensed agents providing the most beneficial aspects of each and the conveniences of both. No matter what obstacles you may be facing, We Buy NKY Houses has the right option in Greater Cincinnati Area for all of your real estate needs. We Buy NKY Houses answers concerns about selling your property or any questions you may have with absolutely no obligation. At We Buy NKY Houses, our hybrid professional buyer real estate agents are ready to help you today. Send us a message or call We Buy NKY Houses at (859) 412-1940
We Buy NKY Houses is here to help. Discuss the impending foreclosure of your Greater Cincinnati Area or Cincinnati house with the direct buyers at We Buy NKY Houses without any obligations. The experienced pros at We Buy NKY Houses want to help you end your foreclosure nightmare today. Call We Buy NKY Houses at (859) 412-1940 or send us a message to learn more.
If you have questions like: How will a foreclosure affect the future of homeownership and mobility in the United States? What is the disadvantage of foreclosure? Then reach out to us! Then give us a call. Our Real estate experts will be able to answer any questions you have, can make recommendations and may be able to provide you an offer over the phone!