Foreclosures can have a ripple effect on all parts of life. From the kind of car you drive to where your family calls home; from the clothes worn daily, to securing employment in the future – these decisions will be heavily impacted by this difficult financial situation for years down the line. It is important that we care for one another during such trying times and remain diligent about creating clear paths forward together both financially and emotionally as well.
You don’t have to face the risks of foreclosure alone. We understand how difficult and challenging it can be, which is why we are here for you every step of the way! Our knowledgeable team will help answer any questions you may have about your financial situation in Raleigh, so please do not hesitate to reach out at 984-689-9785 if needed.
We want nothing more than for you – or rather, future-you -to thank yourself a few weeks from now after taking action today by arming yourself with knowledge on exactly what repercussions could happen when going through this process: that’s where we come in and ready to discuss 4 ways foreclosures affect an individual immediately and down the road.
4 Ways a Foreclosure Will Impact You in Raleigh
Denied
Missing a mortgage payment on your home in Raleigh can have more than just immediate financial implications. It will also result in unfavorable repercussions for your credit score, making it difficult to access the resources and investments you need down the line. Avoiding foreclosure is key – don’t let one mistake prevent you from achieving long-term goals! Having poor credit can make the prospect of accessing loans, mortgages and even some employment opportunities difficult. Unfortunately, if financial institutions are willing to work with customers in these situations, they often subject them to extremely high interest rates or fees – something that has a major impact on their finances long-term. While it may seem like a lost cause, there are ways of improving your situation and getting back in good standing with those financial institutions. We’re here to offer guidance and support so you don’t have to suffer anymore!
Financial Loss
Owning a home is an incredible way to build your financial portfolio and increase equity over time. As the mortgage balance decreases, while also taking into account potential market value appreciation of the property, it’s possible you could eventually earn hundreds of thousands in profit on your investment. To understand how much that looks like for you personally, subtract what’s still owed from its current estimated sale price. Unfortunately, foreclosure cases are unpredictable and may lead to complete loss or partial reduction of those earnings- so be sure to research options thoroughly before making any decisions.
Debt
Avoiding foreclosure is possible if you stay on top of your mail and communication with your lender. Don’t wait until it’s too late – take control over how to sell your home, the price at which it sells, and more! Seize this opportunity before the situation slips away from you; once a foreclosure is finalized, there won’t be anymore chances to change its outcome.
The sale of your property in Raleigh may not cover the amount you owe on your mortgage, leaving a “deficiency debt.” Although this can be stressful for both individuals and families alike, it is important to understand that failure to make payments has negative consequences. Not repaying deficiency debts can hurt credit scores which leads higher costs associated with having poor credit. It’s wise to determine all options available before deciding how best approach such difficult financial situations.
Future Housing
If you’ve gone through foreclosure, it’s important to be aware of the potential impact on your housing options. It may make seeking rental properties more difficult due to landlords running credit checks and leaving a lower financial reputation after a foreclosure can cause them to pass over applications in favor of those with better histories. However, if making another home purchase is preferred there are some solutions – Fannie Mae offers an attractive program for borrowers’ post-foreclosure that features several financial benefits but requires waiting 7 years before becoming eligible under their guidelines.
Don’t let a Raleigh foreclosure put your future at risk. Reach out to us now and our team will help lift the stress of this situation off your shoulders, so you can feel secure in planning for tomorrow’s success.
Send us a message or give us a call today at 984-689-9785.