4 Ways A Foreclosure Will Impact You In Los Angeles

There is no doubt foreclosure will affect you.  Foreclosure can also devastate your finances. The obvious strain and emotional impact the situation can have on your family and personal relationships is real and serious.

Mrs Property Solutions is here to listen to you and can address any questions you may have about your specific circumstances and what you can do to avoid these. Just call (310) 658-8252. Let us help you in selling your house.

From the start you will be better equipped for taking immediate action against the negative consequences of foreclosure by having a better understanding of what lies ahead.

Your future self will thank you for taking the time to learn about your options during the process. This blog will show how foreclosure impacts you in Los Angeles.

How Foreclosure Impacts You – Los Angeles

Denied 

Having a foreclosure in Los Angeles appear on your credit reports will cause you to be considered a bad risk. Bad credit often leads to credit applications being denied for credit cards, loans or mortgages. 

Once this appears in your credit history, it will affect your overall purchasing power.  Financial institutions that are willing to approve consumers with bad credit usually charge excessive interest and annual fees that those who enjoy good credit avoid. In Addition, it could possibly be a reason you are passed over for employment opportunities. This shows how foreclosure impacts you in Los Angeles.

Financial Loss

Among the top reasons for homeownership, your equity builds up over time as your debt decreases, and Los Angeles property values rise. Equity is the difference between what your property would bring in the current market, and the amount that is still owed on the mortgage. Your financial gains could be an amount in the hundreds of thousands. Foreclosure will impact your equity either partially or in full, depending on your circumstances which could be a significant financial loss. 

Debt

By taking quick steps to resolve a pending foreclosure, you can make the decisions on how your home is sold and for how much. Open your mail before it’s too late! Keep the lines of communication open so that you can be on top of what actions your lender may take and how much time to change the outcome in your favor. After a foreclosure you will no longer have control. Should your Los Angeles property sell for less than what is still due on your mortgage, you are still  required to pay your debts. A deficiency debt can have an enormous impact on your lifestyle and family. Additional this could also potentially ruin your credit worthiness making it hard for you to obtain another loan or line of credit.

Future Housing 

In many ways, foreclosure affects your housing options. Generally, landlords run credit checks. It is the first step when interviewing tenants.  It is natural that your financial history will make a higher risk and may cause you to be passed over for more desirable properties. In addition, your choices in financing will be highly restricted when you wish to purchase another home. Should you have gone through foreclosure and seek a mortgage lender, Fannie Mae is among the largest in the nation and offers a program with several financial benefits. You should be aware that Fannie Mae will require a waiting period of 7 years before you will be eligible under their guidelines. Facing the possibilities of a Los Angeles foreclosure alone can be very stressful and inaction on your part risks your financial future. Don’t wait until foreclosure begins. Send us a message or give us a call today at (310) 658-8252. Let Mrs. Property Solutions help lessen your burdens today by selling your house.

These are how foreclosure impacts you in Los Angeles. We can help you get rid of these impact or possibly just completely avoid going through them. Selling your house is your best bet. And to make the process of selling your house easy and hassle-free for you, we have come up with three little steps for you. Call us, get your offer and move on with cash on hand. Call us to know more information about selling your house.

cristinano4

Cristina Ortega is the proud owner of Mrs. Property Solutions and have been in the business of helping people with their houses since 2016!

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