Disadvantages Of Being Foreclosed
Disadvantages Of Being Foreclosed What is foreclosure? Foreclosure occurs when you are unable to pay your mortgage and your lender sells the house or property securing the mortgage to cut their losses. Obviously, for any borrower, a foreclosure is a negative event but the full extent of the effects of a foreclosure may not be as so easy to ascertain. Avoid foreclosure by contacting us and let us short sell for you. Harder to Find a New Home Borrowers who go through a foreclosure often face the problem of not having enough cash to pay a rental deposit or the credit rating to get another mortgage. In fact, most lenders and mortgage insurers, short sale realtor including Fannie Mae, will not give a loan to a borrower with a foreclosure in the last 5 years. You Will Lose Your Home This is the main negative effect fo a foreclosure which is losing your home. This can be very painful for those that have a personal attachment, invested heavily, or have several dependants. Credit Rating Fall