Whether you’re worried about foreclosure in the future, or in the midst of foreclosure proceedings, you should know how a foreclosure directly affects you.
- If you are unable to avoid or stop foreclosure, your property will be seized by the lender and you will eventually need to move out.
- While you are waiting for a foreclosure to be processed, you can essentially be living mortgage-free and rent-free. This may seem like an advantage, but it is often overshadowed by the stress of dealing with creditors and the uncertainty of knowing when you will be forced to leave.
- Foreclosure will often reduce your credit score by about 250 to 300 points, and will remain on your record for seven years.
- You likely won’t be able to obtain a new mortgage for five to seven years after your foreclosure.
The best thing you can do is act quickly when facing foreclosure. At Ark Law Group, we’re here to listen – because we know everyone’s situation is different. Our team of attorneys will help you find the best solution for your personal financial problems.