"We were pretty shook up about losing our home. After all, we have been here over 30 years. But we refinanced our home to help our son buy his. Then he lost his job and went into foreclosure and had to move in with us. We were about to go through the same foreclosure process and then we'd have nowhere to go. We called 1st Foreclosure Prevention and then helped us understand a few things about how to stop foreclosure. I wish my son had called him as this could have helped him. But it did help us and we were able to keep our home, thanks to them. Our son is getting back on his feet, but he would have done better had he called them and not gone through foreclosure. We're pretty happy with the service they gave us."
"We were like most other folks, I guess. Facing the foreclosure process and losing our home because we were out of work and owed too much on the property. You always hear about this happening to other people but never think it would happen to you. We were just going along with everything, trying not to think about it, but then my husband got an idea to call 1st Foreclosure Prevention - a company he had heard about that could stop foreclosure from happening. I figured it was a scam of some sort, but after we both got their free foreclosure consultation and found out about their company, we were impressed. We weren't like most other folks, at that point. We had foreclosure help and were able to stop foreclosure from happening to us."
"When we refinanced our home, we didn't think that we would be facing the foreclosure process. But there we were - after 15 years in our home, going through a foreclosure because we couldn't afford to pay the mortgage. We refinanced to get money out to finish the basement, but then I lost my foot in a snowmobile accident. I was laid up for a while and the bills mounted. Then we found that the mortgage payments were actually going up! After 15 years in the same place, it can be really tough. But my wife called 1st Foreclosure Prevention and they helped us out. They gave us free advice on how we could stop foreclosure and what to do. We were able to save our home from foreclosure with their help."
"We were struggling every month to try to pay our mortgage and kept falling further and further behind on everything else. The place was a mess because we didn't have the money to fix it up, but we didn't think we could sell it because of the state of disrepair. My wife and I were like hamsters on a wheel, just trying to get through each day to make payments on a house we grew to dislike. But we knew that foreclosure would destroy our credit, so we held on. Then we found out about 1st Foreclosure Prevention. They were able to give us foreclosure help and even helped us with the sale of our home. We got to walk away from that mess and have started a new life, without a foreclosure on our credit report."
"We didn't want to go through the foreclosure process. We were so embarrassed that we were facing a foreclosure and knew that all our neighbors would find out. A couple down the street had a foreclosure and they posted a sign on the property. It was so embarrassing. But we knew that it was coming. My husband lost his job and we were really struggling to make ends meet. We didn't want to lose our home, but felt we had no choice. We were really ashamed of what happened to us. Then we talked to 1st Foreclosure Prevention and they made us feel so much better. They didn't make us feel ashamed and actually gave us the foreclosure help we needed. Thanks to them, we didn't have to go through the foreclosure process that would have pained the entire family."
"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
Home / What Happens After Foreclosure
What Happens After Foreclosure?
If you are facing the foreclosure process, it is not only important that you understand how the process works in your state, but the full impact that foreclosure has and can have on your life. The sooner you act to stop foreclosure, the more options you have available to you. Foreclosure not only affects your present living conditions, but can also have tremendous negative impact for you in the future. Some of the negative impacts that occur after you have gone through the foreclosure process include the following:
You Lose Your Home
After the foreclosure process has been completed, you lose your home. The timeframe from when you are actually evicted from your home and the date of the foreclosure sale differs from state to state, but the end result is that you and your family end up out of a home. This is also public information and can be humiliating as well as traumatic for your entire family. Your home is considered to be “your castle” in the United States - one place where you have sanctuary from the outside world. Losing your home in the foreclosure process is devastating not only financially, but emotionally as well. This is why you need to do whatever you can to stop foreclosure before this occurs.
Your Credit Is Destroyed
A foreclosure is a black mark on your credit report that is equal to a bankruptcy. It can stay on your credit report for 7 years and will negatively affect your credit score. This can affect every aspect of your life and may prevent you from buying a home, even if you get back on your feet after the foreclosure and have the money for a down payment and to pay the mortgage. You will be negatively impacted on your credit for years to come if you do not stop foreclosure.
Deficiency Judgment Potential
Some states allow the lender to continue to go after you for more money, including legal fees and court costs related to the foreclosure. If the house sold for less than you owed at the foreclosure sale, you may owe money to the lender, which they can seek by obtaining a deficiency judgment from the court. When enforced, the lender can attach your wages and even freeze your bank accounts. Not all states allow a deficiency judgment from the lender, but if your state does, you may not only have a foreclosure on your credit report, but may end up having to file bankruptcy.
Future Mortgage Problems
You will have a hard time qualifying for future mortgages if you have a foreclosure on your record. The lender will see you as someone who is a bad risk. In addition to qualifying for mortgages, you will not qualify for a car loan or even credit card loans. Such is the negative impact that the foreclosure has on your credit score. You will have problems obtaining financing for years to come if you go through the foreclosure process. If you do get a loan, you will have to pay a high interest rate, and this will only be available to you after the foreclosure process has ended for 2 years.
Landlord Problems
After you have gone through the foreclosure process, you will still need a place to live. Landlords do credit checks before they will allow you to rent from them. Most landlords will turn down an applicant with a foreclosure on their credit report because they are seen as a bad risk. After all, if you did not pay your mortgage on the home that you owned, what makes the landlord think that you will pay rent on property that you do not even own?
Employment Problems
An increasing number of employers are doing credit checks on applicants. While this is not done everywhere and is voluntary, if you refuse to submit to a credit check, you will most likely not get the job. Employers look at your credit report as a reflection of your ability to accept responsibility. A foreclosure on your credit report looks as if you are irresponsible, even if the foreclosure circumstances were beyond your control. The employer will most likely not give your credit information as the reason why you are not hired - they will simply not hire you.
The foreclosure process can negatively impact every aspect of your life and also devastate your family. You should do everything that you can to stop foreclosure from occurring by seeking foreclosure help at the first sign of trouble. If you feel that you are heading towards foreclosure, or even if you are already in the foreclosure process, we can help you with a free foreclosure evaluation. Let our expert team of loss mitigation specialists present you with options for foreclosure help with a free foreclosure evaluation by contacting us at 866-477-7050 or get started now.
