How Foreclosure Can Impact You In Baltimore
At Creo Home Buyers, we want to hear from you. We know that every situation is different, and we can answer any questions you have about the potential consequences of your choices. Just call (410) 870-9228.
If you take the time to learn more about your options during the foreclosure process, you will be better equipped to take immediate action against the negative consequences of foreclosure from the start. Your future self will thank you for being proactive.
4 Ways a Foreclosure Will Impact You in Baltimore
Homeownership has many benefits, one of which is that your equity grows over time as you pay off your mortgage. This can be a significant amount of money, especially if property values in Baltimore rise.
The equity in your home is the portion of the property that you own outright, free and clear of any liens or other claims. Equity is calculated by subtracting any outstanding loan balances from the current market value of your property.
If you have to foreclose, you may lose all or part of your equity, depending on the situation.
If you are unable to sell your Baltimore property for the amount still owed on your mortgage, you may be held responsible for making deficiency payments. This can have a number of negative consequences, including impacting your lifestyle and family, as well as increasing the costs associated with having bad credit.
Fannie Mae is one of the biggest mortgage lenders in the US. They have a program that offers several financial benefits, but if you have gone through foreclosure, you will need to wait 7 years before being eligible.
Sell Your Home in Maryland to Avoid Foreclosure
The thought of a Baltimore foreclosure may be stressful and scary, but taking action can help improve your financial future. Creo Home Buyers can help you through this difficult process.