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Considering foreclosure - Evaluate all options first

FORECLOSURES In York County SC

10 Reasons to Avoid Foreclosure 

Foreclosure of one's home is just one of the devastating issues confronting families today.  Economic conditions are impacting South Carolina families.  While property values in Rock Hill, Fort Mill, Lake Wylie and Tega Cay have retained values better than some more volatile real estate markets, we have still seen a significant drop in many homes purchased in recent years. Alternatives to foreclosure exist, and other options are preferable. 

Consider Why:

1. Foreclosures must be disclosed on any mortgage application and many job applications you submit in the future.  Previous foreclosures can adversely affect future mortgage rates.  

 

2. Foreclosure is the most devastating of credit issues in relation to future credit availability. Credit scores can be lowered by 300+ points. 

 

3.  Foreclosure is almost impossible to have 'repaired' on one’s credit.

 

4.  Lenders have the right to seek a deficiency judgment and collect any amount not recuperated at bank sale.

 

5.  Employers typically do credit checks on prospective employees.  Foreclosure is viewed as a serious concern.

 

6.  Current employers may also run credit checks.  A foreclosure can put a current position in jeopardy.

 

7.  Security clearances and government positions including military and law enforcement can be jeopardized by a foreclosure.

 

8.  Homeowners are likely to be impacted by collections since deficiencies after foreclosure may be due for an indeterminate period of time depending on the state.

 

9.  The consequences of current decisions have unseen impact in the future.  Foreclosures are serious business, and avoiding the devastation of one may allow options that would not be available with a foreclosure on one’s credit record.

  

 10.  Current financial troubles will pass in time.  Having the knowledge that everything possible is being done to avoid a devastating financial consequence can give peace of mind today and in the future.

 

Elaine Whitton Davis
Elaine Whitton Davis
Your York County SC Real Estate Experts