Monday Market Myths

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

  1. a foreclosure is PUBLIC record and anyone at anytime can find out
  2. your employer could run a credit check and your job may be at risk
  3. a company you apply for may decide to hire another applicant due to a foreclosure
  4. must disclose on mortgage applications and you may be “at high risk”
  5. lowers credit at lease 300 points-if you are behind on other bills, then you may have trouble rebuilding credit
  6. 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!

 

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One comment on “Monday Market Myths

  1. […] speak to your CPA and real estate attorney.  To see how a foreclosure affects your credit: Click Here Published […]

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