If home foreclosure sneaking up on you?

Foreclosure can sneak up on you very quickly. Some of the reasons why homeowners are losing their homes to foreclosure are as follows:

• Loan products with increasing monthly payments (e.g. adjustable rate loans)
• Loss of employment
• Major Health Issues
• Divorce
• Relocation
• Too much debt (e.g. credit card debt)

Foreclosure is a life event that can follow you for many years. Here is why you should avoid foreclosure:

• You must disclose foreclosure on loan applications. Definitely affect your rates.
• Credit scores lowered by 300+ points. The most devastating credit issue you can have for future credit availability.
• It is the one credit report item that is almost impossible to have "repaired"
• Your lender has the right to seek a deficiency judgement from you for the money they do not recuperate at a bank sale.
• Employers run credit checks on prospective employees and foreclosure is one of the top items that will put a new hire in jeopardy.
• Security clearances and government positions including military and law enforcement can be jeapordized by a foreclosure.

If you have a house in the Northeast Florida area that is going to be affected by the above circumstances, get in touch with us to find out your options. Do not wait until it is too late for us to help you.