4 Ways a Foreclosure Will Impact You In Baltimore

How Foreclosure Can Impact You In Baltimore

There is no denying that foreclosure will have a significant impact on your life.
 
In addition to the obvious emotional toll it can take on your family and personal relationships, foreclosure can also wreak havoc on your finances. Everything from the clothes you wear to the car you drive, or even where you live or work, can be affected for years to come.
 

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.

 
Below are the 4 ways that a foreclosure can impact you in Baltimore, Maryland

4 Ways a Foreclosure Will Impact You in Baltimore

Lender Denial

A foreclosure on your Baltimore home will show up on your credit reports and make you seem like a bad investment to future creditors. This negative mark on your credit history will lower your purchasing power when you try to get loans, credit cards, or mortgages in the future for many years.
 
If you are fortunate enough to find an institution that is willing to approve you, even with bad credit, the fees and interest are usually quite high. Additionally, a bad credit score could be a reason that employers do not hire you.

Lost Equity

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.

Continued Debt

Get ahead of a foreclosure by staying on top of your mail and communication with your lender. By doing this, you can make decisions on how to sell your home and for how much. Without taking these steps, you will have no control over the situation after a foreclosure.
 

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.

Future Housing

Foreclosure has many negative impacts for your housing options. Most landlords check credit histories as the first step when considering tenants, and a history of foreclosure will make you a less desirable candidate. You will also have difficulty securing financing if you ever want to purchase another home in the future.
 

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

Facing the possibilities of a Baltimore foreclosure alone can be very stressful and inaction on your part risks your financial future. Don’t wait until foreclosure begins, let Creo Home Buyers help lessen your burdens today.
 

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.

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