How Will Foreclosure Affect You?

Foreclosure - Definition, Why It Happens, and Practical Example

Every day, people lose their homes to foreclosure. Banks are seizing homes and leaving hardworking people with nothing to show for their efforts. But there are options if you are behind on your mortgage payments!  We  will discuss how a foreclosure will affect you and what you can do to prevent it.

Foreclosure can have both short and long-term consequences. There are ways to stop the banks from foreclosing on your home if you are on the verge of losing it. First, consider the consequences of foreclosure.

The Financial Consequences
When you are foreclosed on, your credit score can fall by more than 250 points, making it difficult to open a new line of credit with anyone. If you make no other financial mistakes, it will take about three years for your credit score to rise again. If you want to buy another house, you will have to wait between 2 and 7 years to qualify for financing.

If you are foreclosed upon and the bank is unable to recoup the entire amount borrowed, the difference is considered income. You may have to pay income taxes on the amount you were unable to repay. Consult with an attorney or a CPA to learn how a foreclosure will affect you personally.

Effects on the Mind
Being homeless can cause stress, depression, and a loss of self-esteem. Losing your home means losing your source of comfort and shelter. It is critical to remember that this will pass. We at Goliath Homes can assist you in avoiding this situation.

What Should Be Done?
The quickest and best option is to sell your house fast for cash. If you are facing foreclosure, you may not have the time to go through the traditional listing process. Furthermore, a listing is not free. If you have fallen behind on your mortgage payments, you may not be able to repair your home. You can sell your house quickly to a professional cash home buyer in this situation. Goliath Homes can make a fair offer, allowing you to sell your house fast for cash and move on.

Everyone is not the same. Before you agree to sell your home to a home buyer, run the numbers to ensure that there are no hidden fees or charges. Goliath Homes provides a full range of services. We handle everything from beginning to end so you can get out of your difficult situation as soon as possible.

Do you want to keep your home from going into foreclosure? We are here to assist! Send us an email or give us a call right away! 314-932-2052

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