Do You Know the Negative Effects of Foreclosure?

If you are unable to make the payments on your mortgage, your lender can start what is called a “foreclosure proceeding”. If you let your home go in to foreclosure there are three negative impacts you need consider:

  1. You are likely to lose your home.
  2. Foreclosure can hurt your credit rating.
  3. Most importantly, if your house sells for less than the amount of your loan, you may still owe the money after foreclosure if preventable.

At Sunshine State Bankruptcy we believe that it is important that you understand the negative effect of a foreclosure on your finances. Bankruptcy might be an option if you are struggling to make your mortgage payments.

Contact us for a no obligation bankruptcy consultation to understand when a bankruptcy is an option to help you avoid foreclosure. 1-877-352-8192 today.

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