For a property owner, no other word conjures up more sheer terror than foreclosure. We’ve all heard its nasty, negative connotation rustle through the breeze from time to time – especially in the day and age we live in. If you are unfamiliar with its baggage, consider yourself lucky. A foreclosure, in its most formal definition, is the legal process by which a mortgage company, or other lien holder, cancels the borrower’s right of equitable redemption of the mortgaged property through court order. A foreclosure, in its most realistic definition, means that everything you have worked so hard for is taken away from you.
For whatever reason one fails to keep up with their mortgage, and believe me, that list is long these days, the lender reacts accordingly and repossesses the home, publicizes the property, and holds an auction to sell it off. While this alone is a nightmare, it gets worse. The repercussions of foreclosure go on to haunt the mortgagor, adding some serious salt to the wound. First and foremost, foreclosure typically does major damage to one’s credit score. This will be the most apparent ramification, as it’s nearly unfeasible to lease a home or apartment afterwards. Lower maximum balances and higher interest rates will play a considerable role in setting up new loans and credit cards. What’s worse is that the minimum waiting period for an FHA loan is three years, while a Fannie Mae loan is a sobering five. Moreover, your employer may even factor into the equation. Several employers require good credit scores for hiring and some even consider bad credit as grounds for termination.
The reality of the matter is that foreclosure has the capability to ruin lives. It is a slippery slope that should be avoided at all costs. As an accredited realtor, I believe foreclosure is an absolute unnecessary action. There are several options out there that exist and really do work in protecting your home. If the notion of foreclosing your home has even crossed your mind, contact me immediately at 651-216-9466. When it comes to such a dire situation, I am more than a realtor – I’m your friend.
Do whatever it takes to hold on to your American Dream.
Always here to help,
Travis Senenfelder
BSL Real Estate
440 2nd St.
Excelsior MN, 55331
http://www.BuySellLeaseMN.com
No comments:
Post a Comment