4 Ways a Foreclosure Will Impact You in Gwinnett County, Ga

decorative purposes only

The Impact Of Foreclosure On Your Credit

Going through a foreclosure can be a devastating time in your life. It can be stressful and have a disastrous impact on your family’s emotional health.
The effects of foreclosure can linger for years after the initial loss. The damage to your credit can affect your finances, resulting in a higher interest rate on your purchases to being excluded from some employment opportunities.
Cash home buyers Atlanta understands what you are going through. If you would like actionable information on what to do to limit or avoid some of the long-term effects of foreclosure, please give us a call at 770-769-5295.
We will take the time to answer your questions

We believe that when you understand the process of a foreclosure, you will be well-armed to counter the long-term effects of foreclosure by acting decisively quickly.
You will be happy you responded quickly, and your financial self will appreciate it too.
Here are some of the unfortunate ways your life can be affected by a foreclosure.

Denied

You will be considered a credit risk if you have a foreclosure on your house in Gwinnett County, Ga.
Your credit score will plummet, and that will negatively impact your ability to make purchases.
A low credit score will cause you to be denied approval for credit cards; your search for a home mortgage will find the bank asking for significantly higher down payment requirements or outright disapproval.
Some employment opportunities in banking or other areas requiring you to have a good credit standing will lead to limited promotional opportunities for you. If you are applying for a position that requires a good credit score you will not be considered eligible for employment.
Many insurance companies are also taking your credit into consideration when offering you insurance. Some car insurance companies will offer you higher rates to obtain car insurance.

Financial Loss

In addition to the financial losses of having to pay a higher interest rate on purchases and lost job opportunities, your house’s loss can have an even more significant immediate impact.
If you have owned your house for a while, you may have accumulated some equity in your home.
Equity is defined as the difference between what your house is worth and what you own on your mortgage.
Unfortunately, if you lose your house in a foreclosure proceeding, you will lose all that equity you have built up over the time you have owned your home.
You may have also had other equity accumulated on your home as local prices for homes like yours have risen over the years since you bought a house.

That would mean you would have lost that equity also.
The amount of money can be in the thousands of dollars. If you have your purchase mortgage and a home equity loan, it depends on which is foreclosing you may be losing only a part of the full amount of the equity in your home. That can be devastating.

Debt

It would be best if you moved decisively to avoid a foreclosure judgment on your home.
Before the judgment, you will have the right to determine how you sell your house.
It can be an overwhelming time, so you are hesitant to answer the phone or open the letters from the bank.
That is a mistake.
Open communication with your bank may offer you a way out and a softer landing than a full foreclosure.
Your lender may have some options to help you to mitigate your losses. If nothing else, you will be aware of what stage your foreclosure proceeding is so you can make deceive moves to help yourself.
If your Gwinnett County house is foreclosed and sold, but it does not cover the total you owe to the bank, you could be held accountable and required to pay the deficit.
That will have a severe impact on your family life for a long time to come.
Future Housing

A foreclosure can have a severe impact on your housing options.
The bank that forecloses can evict you, and if you do not have anywhere to go, you may end up homeless.
Most landlords will prudently run a credit check before allowing you to rent their home.
The foreclosure on your credit can be a reason to exclude you from housing or charge a higher down payment or monthly rental payment.
You may be considered a higher risk and not eligible for more desirable properties.
If you try to buy a home, you will find that banks will require you to wait for up to 7 years before you will be eligible to purchase a home.

If you are facing a foreclosure in Gwinnett County Ga, call us now 770-769-5295. We can offer you a fair, fast cash offer for your house so you can move on with your life.
If we buy your home before the foreclosure, the impact on your credit will be lessened.

Call us now.

We are Cash Homebuyers Atlanta.
The laws in Georgia allow for a very fast process.
You can lose your house in foreclosure in as little as around 30 days. Reach out to us now, today. 770-769-5295 or go to our website https://www.cashhomebuyersatlanta.com

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on selling your house below. Like us, follow us, connect!