Reasons To Avoid Foreclosure

Reasons why should you AVOID Foreclosure

1. You will ALWAYS have to disclose you have had a foreclousre on any mortgage application and many job applications. This may adversely affect your furture mortage rates.

2. Credit scores will be lowered by 300+ points and foreclosure is the most devastating credit issue you can have in relation to future credit availability.

3. A Foreclosure is the one credit report item that is almost impossible to have "repaired".

4. Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at the bank sale.

5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

6. Many current employers run credit checks and a foreclosure can put a current position in jeopardy.

7. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.

8. You may be responsible for any deficiencies after foreclosure for an indeterminate period of time depending on the state you live in. This can lead you to never ending collections

Talk to a CDPE agent and they will explore every option with you and work toward a resolution if possible.