Foreclosure Blunder #5: The BIGGEST blunder of all!

BLUNDER #5: (THE BIGGEST BLUNDER OF ALL)
Thinking that just “giving up” and letting the house go to FORECLOSURE is the easiest and best solution.

This is the worst possible decision. If you do nothing about your situation, you WILL lose your home. Your property will be foreclosed upon and sold at auction. Your credit will be ruined and you will lose the equity in your home. After foreclosure, it is difficult to get a loan on another property.

Foreclosure is extremely damaging to your credit rating and financial future. Some of the consequences are:

• Loss of property – you WILL lose your property if the foreclosure process goes through the complete cycle. The property will be sold at auction or repossessed by the bank.
• Damaged credit rating – a foreclosure is worse on your credit rating than a Bankruptcy; it says to a credit lender that you made no attempt to fix your situation! You will need to be prepared to pay cash or high interest rates for anything that requires credit – an immediate apartment, a future house, car, even a cell phone.
• Possible loss of employment – if you have a job that requires a security clearance or a responsible financial background, a foreclosure is detrimental to your employment.
• Possible deficiency judgment – if the house is sold at auction for less than is owed, you are then responsible for the monetary difference. So, even though the house is no longer in your possession, the lender can still come after you by filing a deficiency judgment for the amount that was not collected.

It’s time for you to decide if you truly want to take control of your own destiny…or be at the mercy of somebody else’s decisions for your life.

If you are facing foreclosure, it is imperative that you proceed forward armed with knowledge and a cool head. Now is the time to educate yourself on the options you have available to you and take action towards saving your home.