Foreclosure Can Cause Catastrophe
Foreclosure can have severe impacts on your future and it is best to be avoided at all costs.
One reason to avoid foreclosure is that it can severely impact your credit score. Once this happens it can be extremely difficult to obtain credit cards or any other types of loans. This goes for car loans as well.
Many people think that even if they undergo foreclosure their credit score won’t suffer that much; however, that assumption is completely wrong. Credit experts estimate that foreclosure can impact your credit score by at least 200 points and it can hurt it as much as 300 points.
That means if you had a credit score of 900 then your credit score could ultimately drop it to 600. We all know that even a person with a 600 credit score might have a difficult time getting approved for even the smallest purchase.
Foreclosure Will Prevent You From Buying a Home Anytime Soon
Another common question many people ask us is how long they will have to wait until they can buy a home again and the answer is between three and seven years. That is quite a long time to find your own place, right? However, these are only estimates and in many cases it is completely up to the lender, but statistics show that the average wait time is around 5 years.
Foreclosure Could Mean Bigger Payments
Most homeowners who end up being able to purchase a home after this period of time also face another dilemma which is abnormally high payments. Once you are approved to buy another home, your payments will usually be a lot higher than they normally would be if you hadn’t went through the foreclosure process, and this is because creditors and lenders will deem you being high risk.
We Can Help You Avoid Foreclosure Today
If you are at risk of your home being foreclosed, then we can help you today. Our company buys homes and property, and we can get you a fair and honest quote quickly. Also, once we give you a quote on your home or property, we stand by our promise and we can close the deal within days, not months like traditional real estate investors. Using our company can take tremendous pressure off of your shoulders and you won’t have to worry about your credit score being affected at all. We offer a no-risk assessment of your property and it doesn’t cost you a penny, so what do you have to lose?