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5 Ways the Foreclosure of Your Orange County House Will Impact You in the Future

The wheels that drive foreclosures turn very slowly, and there is ample opportunity to steer the ship in a new direction and salvage your future. Sadly, foreclosure is entirely avoidable, yet lives are often damaged for years because homeowners didn’t understand the consequences and took no action to prevent the process. 

Whatever circumstances change to create the situation, homeowners who take steps to bypass the inevitable loss of the home will have the most control over their future. As the letters from the lender begin to arrive, there is still time to reach out to the lender and attempt to work towards an amicable solution. 

The road ahead will be difficult for those who choose to keep their heads in the sand and wait for the lender to foreclose. Read on as we discuss five ways the foreclosure of your Orange County house will impact you in the future 

Costly

One of the ways the foreclosure of your Orange County house will impact you is the expense; your attorney will charge thousands, not to mention any fees that accumulate on the mortgage loan or from the process of foreclosure itself, which can be substantial as well. Therefore, allowing your home to fall into foreclosure is a procedure that is costly not only to you as the homeowner but to the lender, the local government, and local property owners. 

Lose Equity

Another way the foreclosure of your Orange County house will impact you in the future is by the loss of equity. As homeowners pay down their mortgage balance, the difference in the amount owed and the home’s current market value is known as equity. As the fees and costs of the foreclosure add up, the equity you’ve built over the years will slowly begin to drop. Additionally, lenders typically go with the lowest appraisal value, further depleting the level of any remaining equity. 

Future Credit

One of the most immediate impacts of the foreclosure of your Orange County house is the effect on your credit. While it won’t last forever, your foreclosure will be on your credit report for seven years. While not impossible to acquire credit with this red mark on your records, rest assured you will pay much higher interest rates as a penalty, making life even more expensive as a consequence. It will help your creditworthiness as you work towards rebuilding your credit and regain control of your financial future.

Future Homeownership

Qualifying for a mortgage will be difficult. Under several government programs, it will be impossible for the next seven years; if you qualify for VA loans, the period may be as short as two years following the foreclosure of your Orange County house. There are, however, some extenuating circumstances, such as illness, divorce, or job loss, that will allow these lenders to work with you, so don’t put your head in the sand again; reach out and take charge of your future.

Future Employment

As more employers run credit checks in the attempt to find more productive workers, your future employment potential has become another one of the ways the foreclosure of your Orange County house will impact you. If you are in this situation, concentrating on credit repair will work in your favor. Although it doesn’t make every job impossible, your hirability is more dependent on your creditworthiness if the job requires you to handle money or customers’ financial data.

H&M Realty Group is here to help. Discuss the impending foreclosure of your Orange County house with the direct buyers at H&M Realty Group without any obligations. The experienced pros at H&M Realty Group want to help you end your foreclosure nightmare today. Call H&M Realty Group at 949-625-4533 or send us a message to learn more.

Joe

Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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