Foreclosure Help
Be aware that some workout options affect your credit rating more than others. Foreclosures, short sales and deeds-in-lieu of foreclosure are considered "not paid as agreed" and may have serious negative impact on your credit score. That is why it is important for you to get help early to try to prevent further damage to your credit.
You would lose any equity in your home. If you have equity in your home or your home has increased in value since your purchase, a foreclosure could mean the loss of thousands of dollars in equity.
Your credit score would take a big hit. With a foreclosure on your credit history, you will have future difficulty borrowing money, renting an apartment, and perhaps even getting a job.
Finding a new home will be a challenge. Not only must you find some place that's affordable, you'll also need to come up with a rental deposit, which the landlord could drastically increase, based on your credit rating.
The interest rates on your credit cards could increase as the credit card companies view you as an increased risk. You could even be hit with a bill for taxes on the amount of mortgage that the lender was never able to recover from the sale of the property.
If you are having difficulty paying your mortgage on time or know you will have difficulty in the near future, call us immediately! It's important to act now before you get so far behind in your payments you end up facing foreclosure.
There are options available that may allow you to save your home and stop foreclosure. The longer you wait, the fewer options are available to resolve the issue. Remember, if you encounter difficulty paying your mortgage on time, your lender is often your biggest enemy.
Our firm has a variety of options to help you stay in or sell your home.
If your lender has called or mailed you documents, don't ignore them. They need to be given to our firm. When we contact your lender early, there is a greater chance we can help you stay in your home and help you avoid foreclosure.
With professional legal representation we can help resolve issues and protect against extensive financial damage. Contact our law office.