If you’re pending foreclosure, behind on your payments or you’re worried that foreclosure is about to start and you live in El Paso, Texas this article and video are for you. I just wanted to share this information with you guys because I know there’s a lot of stress and worry about what happens.
Loss of House. Number one is the loss of your house, obviously that’s the worst thing. The idea of somebody coming to your house and forcibly removing you, God forbid that would happen, you don’t want to get there, so it’s better to do it willfully, sell your property beforehand and move on. You can always get another house later on in your life.
Impact on Credit. Foreclosure will have a definite impact on your credit. If you get behind on your mortgage and you lose your house to foreclosure I believe it stays on your credit for 11 years. 11 years is a long time vs going the other route of closing the sale of a house that’s behind on [ayments. It shows you paid the debt and the impact is a lowered score due to late payments but not an open debt foreclosed on. With a closed sale of your house it’ll be significantly easier to borrow money for another house a couple of years down the line.
Depression, Pressure and Stress. Losing a house is incredibly stressful on everyone involved. Husbands, wives, marriages, sleep patterns they all get thrown off a bit and oftentimes it causes a battle with forms of depression. As a husband and father I can’t imagine the stress it is to feel like you’ve let your family down. This isn’t to look down on you but to say I feel for anyone in this situation.
If you’re in a position where you are at risk of losing your home please call us SOON. Time is genuinely of the essence. The worst thing is when people reach out but have waited too long for even us to help anymore. Our number is 915.593.3300 Give us a call and we’ll set you up with a FREE / NO OBLIGATION Property Assessment.