TOP 5 REASONS YOU WANT TO AVOID FORECLOSURE
SAN ANTONIO! HERE ARE OUR TOP 5 REASONS TO AVOID FORECLOSURE!
1.FORECLOSURE RUINS YOUR CREDIT SCORE
2. TAX PROBLEMS
3. BUYING A NEW HOME GROWS INCREASINGLY DIFFICULT AFTER FORECLOSURE
4. EMPLOYERS RUN CREDIT REPORTS, FORECLOSURE MAY COST YOU YOUR JOB!
5. STRESS IS A KILLER. FORECLOSURE IS A STRESSFUL PROCESS FOR YOU AND YOUR FAMILY!
FORECLOSURE RUINS YOUR CREDIT SCORE
FORECLOSURE CAN AFFECT A CREDIT SCORE BY UP TO 280 POINTS! A 200 POINT DROP TO A CREDIT SCORE CAN HAVE DETRIMENTAL AFFECTS TO ONE‘S LIFE. RECOVERING BACK FROM SUCH CAN MEAN MAKING ON–TIME PAYMENTS FOR AN AVERAGE OF 3 OR MORE YEARS, THAT‘S A LONG TIME FOR 200 POINTS!
A FORECLOSURE ON YOUR CREDIT REPORT CAN SUBJECT YOU TO MORE STRINGENT BORROWING TERMS IN THE FUTURE AS IT BECOMES INCREASINGLY DIFFICULT TO QUALIFY FOR A NEW LOAN, BUY A NEW HOUSE, AND IN SOME CASES PAY MORE THAN YOU WOULD‘VE HAD TO IF YOU HADN‘T BEEN FORECLOSED ON.
TAX PROBLEMS
NOBODY SEEMS TO TALK ABOUT THE TAX CONSEQUENCES OF THIS PROCESS. MANY FAIL TO REALIZE THAT THEY ARE ALSO LIKELY TO RUN INTO TAX IMPLICATIONS. IT WORKS LIKE THIS — ANY TIME DEBT IS FORGIVEN, THE LAW CONSIDERS IT A TAXABLE EVENT. THE IRS CLEARLY STATES THAT ANY TIME YOU BORROW MONEY AND FAIL TO PAY IT BACK, YOU ARE SUBJECT TO TAX SINCE IT’S CONSIDERED INCOME.
A MORTGAGE IS A LOAN, AND WHEN YOU’RE REPAYING THE MONEY, THERE ARE NO TAX OBLIGATIONS.
IF, HOWEVER, THIS DEBT GETS CANCELED OR FORGIVEN (AS IN CASE OF FORECLOSURE), IT‘S LIKELY TO BE INCLUDED AS INDIVIDUAL INCOME, WITH THE IRS LIKELY IMPLICATING A TAXABLE EVENT IN SUCH CASE.
AVOID FORECLOSURE PAGE
BUYING A NEW HOME GROWS INCREASINGLY DIFFICULT AFTER FORECLOSURE
IT IS NOT UNUSUAL TO SEEK A FUTURE MORTGAGE FOLLOWING A FORECLOSURE. WHILE BUYING A NEW HOME FOLLOWING A FORECLOSURE MIGHT TAKE SOME TIME AND EFFORT, IT’S CERTAINLY NOT IMPOSSIBLE. IN MOST CASES, YOU WILL HAVE TO WAIT UP TO 7 YEARS TO BUY A NEW HOME.
THE BEST WAY OUT OF THIS IS A SHORT SALE WHICH ALLOWS YOU TO BUY A NEW HOME ONLY 2 YEARS FOLLOWING A FORECLOSURE.THERE ARE WAYS TO ALLEVIATE THE PENALTY IN CASE OF SOME UNFORTUNATE CIRCUMSTANCES, BUT IT’S STILL A DIFFICULT AND UNPLEASANT SITUATION.
EMPLOYERS RUN CREDIT REPORTS, FORECLOSURE MAY COST YOU YOUR JOB!
IN THE EVENT WHERE FORECLOSURE LEADS TO RELOCATION, A NEW JOB LIKELY NECESSARY. JOB HUNTING CAN BE EXHAUSTING, STRESSFUL, AND SOMETIMES TAXING ON YOUR OVERALL FINANCIAL SITUATION. SOME EMPLOYERS LOOK AT AN EMPLOYEE/ POTENTIAL EMPLOYEE‘S CREDIT SCORE, MAKING THE TASK OF JOB HUNTING THAT MUCH MORE BURDENSOME.
STRESS IS A KILLER. FORECLOSURE IS A STRESSFUL PROCESS FOR YOU AND YOUR FAMILY!
SHOULD WE EXPLAIN FURTHER? WE‘RE NOT A TEAM OF DOCTORS BUT OUR FOCUS IS TO REDUCE FINANCIAL STRESS FOR EVERYONE INVOLVED IN THE FORECLOSURE PROCESS. KEEPING STRESS LEVELS DOWN FOR YOUR FAMILY WHEN FACED WITH SUCH SITUATION IS OUR PRIORITY.
THERE ARE A FEW WAYS TO DEAL WITH FORECLOSURE, BUT THE BEST OPTION IS TO PROBABLY AVOID IT ALTOGETHER.
SELLING YOUR HOUSE ON TIME AND AVOIDING FORECLOSURE WILL MAKE SURE TO MINIMIZE THESE CONSEQUENCES AND HELP YOU BUILD A BETTER FUTURE FOR YOURSELF AND YOUR FAMILY. FILL OUT OUR CONTACT FORM AND GET YOUR FREE, NO–OBLIGATION, AVOID FORECLOSURE STRATEGY CONSULTATION TODAY!
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