The Consequences of Foreclosure
Life is full of challenges. Some of these are exciting. Some of these cause stress. It is important for every one of us to make the right decisions for ourselves and our families. To make the right decision you first need to have all the information. But you also need to have the right considerations so that with the right information you can make the best decision for you, even if it is a choice between two less than favorable options. Allowing your home to foreclose will have implications on your family and your credit for the rest of your life. We urge all of our clients to not just settle for foreclosure, without fully evaluating their options.
When a homeowner can no longer make payments to a lender for a home, the lender will take possession of a home through the process of foreclosure, with the purpose of reselling it, to try and recover the amount owed on the defaulted home loan. In California this process can begin if you are more than 90 days in arrears. Homeowners facing foreclosure proceedings will face lasting implications.
The Consequences of Foreclosure:
1) Your credit scores will be significantly lowered, very often by more than 300 points. This will very probably be the single most devastating mark on your credit report and will likely affect all of your future credit possibilities for years to come.
2) A foreclosure listed on your credit report is basically impossible to have repaired and will most likely remain permanently on this valuable personal report.
3) Any future application for a mortgage you apply for will require you to reveal a previous foreclosure, greatly affecting your mortgage rates, and even just your ability to get financing.
4) Did you know many potential employers will also often conduct a credit check? With a huge drop in your credit score due to a foreclosure, this may also hinder your future employment opportunities. This is especially true of many government jobs, including in the military and law enforcement.
6) In some instances a lender may still seek a deficiency judgment against you to attempt to recover the balance, in order to recuperate money they did not receive during a trustee sale or foreclosure of the property,
7) There may be ongoing tax consequences for you under a foreclosure, particularly if the property is an investment property.
8) You and your family will have to relocate. This is always a disturbance for children, marriages, careers, and other important aspects of your life.
9) Personal stigma. Often homeowners will feel a sense of failure that can stay with them for some time.
Get Started Now. Click Here to Learn How to Avoid the Foreclosure Process!
Timothy Toye & Associates
Cobb Village Center
16360 Hwy. 175
Cobb, CA. 95426-1353
24-Hour Direct Line: 707-928-5912
Lake County's Leading Real Estate Team covering the whole of the County including Cobb, Middletown & Hidden Valley Lake, Clearlake Riviera, Jago Bay, Riviera West, Buckingham & Riviera Heights, Kelseyville, Lakeport, Lower Lake, Clearlake Oaks, Nice, Lucerne and Upper Lake, as well as lakefront, ranches and acreage properties.
Timothy has more than 26 years experience successfully selling real estate both in California and the US, as well as in his native land of New Zealand. He has assembled a powerful team of experienced Realtors, operating on specific professional principles, with full marketing and administrative assistance to ensure that you have a successful real estate experience.
He has extensive management, real estate investment and marketing experience, having worked and consulted with Best Image Marketing, the top Internet marketers for Realtors in North America, and located in Lake County. The other members of the team complement this experience.
Timothy is both a high individual producer, having closed as many as 130 transactions in a year, including selling more properties than any other Realtor in the County from 2004 to the present, as well as a skillful sales manager & trainer.
In 1990 he led his sales team to the #1 residential sales production award in the whole of New Zealand. He and his team have invested personally in real estate extensively in many different kinds of property including single family homes, fixer-uppers, apartment buildings and raw land. They have bought several properties 'creatively' with no money down.
Team Toye, the most productive real estate sales team in Lake County in 2009, and in 2011 we have represented more buyers than any other real office in the county, brings a combination of personal skills, in-depth experience, and positive principles of professional practice
to ensure your real estate experience is as positive and beneficial for you as possible.
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