Foreclosure Consequences

You will always have to disclose on any mortgage application and many job applications.
- Only credit item that once off your credit report, still affects your rates.
Credit scores will be lowered 300+ points
- Most devastating credit issue you can have in relation to future credit availability.
You will be ineligible for a government insured loan for 5 to 7 years (currently only 2 years in a short sale.)
You MAY end up with a deficiency judgment (Not applicable in all states)
Many employers run credit checks
- Foreclosure is one of the top items that can put a potential new hire in jeopardy.
Many current employers run credit checks and a foreclosure can put a current position in jeopardy.
Security clearances, government positions:
- Military and law enforcement
Your tax liability in a foreclosure may be much higher than in a properly negotiated short sale since in most cases cancelled debt will be higher.
As your CDPE Agent, I will guide you so that you explore every option and work toward a resolution.
While it may not seem like it now, there will come a time when you look back on this situation and will want to know you did everything you could.

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