Many people contact us to ask what happens after a foreclosure is approved through the court. Depending on the individual circumstances of the foreclosure, there are a number of things that can result including:
- A negative impact on a credit report for up to 8 years
- Potentially owing thousands of dollars in legal fees, and related costs
- A loss of the home, and/or loss of equity that was built up in the property
- Possible deficiency judgments for additional amounts owing
- Garnished wages resulting from a deficiency judgment
- Bankruptcy
- Ongoing stress in dealing with any remaining debt load
There is no doubt that there are some frightening financial problems that can result from a foreclosure. Yet no matter how dire the situation, it is important to know that even if the worst does happen, life will and does go on. There will be a time where the event will become a part of the past. With a positive outlook, a person can plan ahead to rebuild. With that being said, it is even more important to remember that until the foreclosure is final, a homeowner can take steps to prevent some of these results from becoming reality.
Our office helps people in foreclosure. We offer services that guide a homeowner through the foreclosure process so they have the best chance at success. If you are facing a problem with your mortgage, we can help you prevent the loss of your home, credit, and sanity. Please be sure to get in touch with us as early as possible in the process so you have the best chance at success.
