"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."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"I was so stressed out in trying to figure out how I was going to stop foreclosure from happening to me that I actually had to see a doctor for stress. I struggled hard to buy my condo and wanted to keep my home and save my home from foreclosure. But it was getting difficult because the mortgage amount kept going up. I had an adjustable rate mortgage and the rate kept rising. On top of that, I lost my job and got behind in payments. I thought that this was it, I was not going to be able to stop foreclosure. Then I found 1st Foreclosure Prevention. They were able to stop foreclosure from happening to me and allow me to keep my condo. I am now all caught up, have a new job and happier than ever thanks to them."
"When we found 1st Foreclosure Prevention, we were about to file bankruptcy. We thought it was the only way to stop the foreclosure process. We were so embarrassed at having to do this and didn't want our kids to even know. But we had to act right away if we wanted to stop foreclosure from happening to us. We had an adjustable rate mortgage that ballooned out of control and I lost my job. We had nothing to lose by getting the free foreclosure consultation from 1st Foreclosure Prevention. We were actually surprised at all of the choices we had to stop foreclosure. Thanks to them, we didn't have to file bankruptcy and are no longer in debt."
"I'm really glad that 1st Foreclosure Prevention was able to help me with my mortgage problems. I was already in the foreclosure process when I called them for a free foreclosure evaluation. They were really nice and explained a lot of things to me that I didn't know, including how to stop foreclosure. I didn't even know that I could do that! They were able to work out a deal with my bank so that I was able to keep my home and pay less on the mortgage. Now I am able to afford my home and even save a little money, thanks to this company. I can't say enough good things about them."
"We were really in a jam. I was on disability because of my back and it wasn't enough to cover the mortgage payments. My wife lost her job and got another one, but it didn't pay as good as the first job. Our house was heading for the foreclosure process and fast. But we didn't know what to do. It seemed everything was spinning out of control for us. Luckily, my wife found 1st Foreclosure Prevention online. We filled out the form for the free foreclosure consultation and got a call the next day. We talked it over with them and gave them more information. Then they gave us a case study of our situation that was really detailed. They seemed to really know what they were doing and they did because the stopped foreclosure for us. They got us out of a bad situation - we can never thank them enough."
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.
