If you are facing a foreclosure do you only worry about losing your home? There are other repercussions that are in the fine print of a foreclosure. One such issue is a huge hit on your credit score. A foreclosure can negatively impact your ability to get a new credit card, buy/lease a new car and, of course, buy a new home!

A foreclosure can cripple your credit score causing a huge negative impact on your financial future. A foreclosure remains on your credit record for at least 7 years. That’s 7 years of having to worry about high interest rates, increased security deposits/rent and even your car insurance will go up from a foreclosure!

To compound the issue, it’s not over once your homes been foreclosed. The lender is still able to come after you for the remaining balance of the loan. It’s bad enough to struggle making payments on a house you own, but imagine having to pay for something you will never see again. The lender may even have the right to garnish your wages.

Do not sit around and wait for the bank to take your home, take action! It is very important that you stay in constant communication with your lender. It’s tough having to continuously tell them why you are unable to make your payment while they continue to threaten you with the thought of foreclosure. Realize this, the banks do not want to foreclose your home. They would much rather have you paying your mortgage every month then allow that home to sit unsold on the market for months.

You have options. Talk with your lender. They may be able to help. If you are unable to get anywhere with them, you can consult an attorney about the many legal alternatives. You can also talk with a financial planner about working on a budget that may allow you stay in your home. If all else fails, you have the option of speaking with a foreclosure specialist. These specialists understand the banks and the many choices you have to avoid foreclosure. Just remember, doing nothing is the worse possible choice you can make. So get out there, take action and stop that foreclosure!

It is very important for homeowners to know their options. Feel free to visit my website for more foreclosure help and information on how to stop foreclosures. If you live in Miramar, Florida or the surrounding areas of Broward county, call my office at 954.925.4844.