Foreclosure only effects your credit?
FALSE. Many people do not know that a foreclosure lasts F-O-R-E-V-E-R.
A foreclosure may be off your credit record after seven years, but have you thought about the other effects of foreclosure
- a foreclosure is PUBLIC record and anyone at anytime can find out
- your employer could run a credit check and your job may be at risk
- a company you apply for may decide to hire another applicant due to a foreclosure
- must disclose on mortgage applications and you may be “at high risk”
- lowers credit at lease 300 points-if you are behind on other bills, then you may have trouble rebuilding credit
- your lender may be able to seek debt for many years to come, ask an attorney
As your CDPE (Certified Distressed Property Expert) agent, I can help you find a solution to your financial troubles and try every option before dooms day. It is not too late!