Foreclosure is NOT the Only Option

The Truth about Foreclosures

Fact:  You may not be able to finance another home for 5-7 years after a foreclosure.

Fact:  A foreclosure can decrease your credit score by 250-300 points, instantly.

Fact:  A foreclosure will remain as a public record on your credit report for 10 years or more.

Fact:  It can be difficult to rent after a foreclosure due to your lowered credit score.

Fact:  In many foreclosures, you will still owe the bank the difference between the amount of your loan balance and the amount the bank is able to sell your home for.  This is called a deficiency judgment.  You may receive an IRS-1099 for the deficiency.

Fact:  A foreclosure may keep you from getting a security clearance or may challenge a security clearance you already have which could cost you your job.

Fact:  Banks do NOT want to foreclose on you and prefer working with a REALTOR to pursue a deed en lieu of foreclosure, often called a "short sale."

Foreclosure is NOT the only option....I can help!

Call Vanessa today if you are facing foreclosure!
817-714-8634