Result of Foreclosure

Result of Foreclosure

Although it is more wise for a homeowner to pursue a foreclosure alternative such as a loan restructure instead of a foreclosure, some homeowners are unfortunately faced with no other option. But, if the homeowner is considering foreclosing on their property, he or she should take the consequences of foreclosure into consideration:

Impact on Credit

  • An individual who has a foreclosure on his or her record will typically find it difficult to find alternate housing due to landlord’s apprehension to accommodate individuals with a foreclosure on their record.
  • When an individual has a foreclosure on his or her record, credit card companies typically consider this a ‘red flag’ of the homeowner defaulting on their credit card balance payments in the future. This is why many credit card companies may increase card’s annual percentage rate in hopes that they can collect on as much of the balance as possible before the individual defaults on their payments.
  • A foreclosure on an individual’s record also affects how quickly he or she can purchase a home after the foreclosure. In many cases, it can take up to 5 years.

Defending The Foreclosure Action

When people fall behind on their mortgages, banks or other types of creditors will initiate foreclosure proceedings. For most people, being served with a notice of foreclosure is frightening and also overwhelming as people are scared of losing their homes. However, before people panic, they should know that they have legal rights and also have alternative options.  The key to becoming aware of these options is working with an experienced and aggressive foreclosure defense law firm, like Friedman Law Associates, P.C.

Depending on our analysis of the homeowner's case and the result of our negotiation with his or her lender, we will advise the homeowner on which foreclosure defense option would be the most favorable for the homeowner. With our experience in loan modification, short sale, deed in lieu, cash for keys, and forensic loan audits, we are confident that we will be able to determine which option is best, as well as negotiate the best terms.

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