Other than the apparent strain and emotional impact that can wear on your family and personal relationships, a foreclosure also can devastate your finances. From the garments you wear to the car you drive, or maybe where you reside or work, it will have a residual effect on your life for years to come. If you’re going through foreclosure in Broken Arrow, you may still have time to get out. We would love it if we can help by buying your house fast and getting you back to a place of peace of mind.
We are here to listen to you and can address any inquiries you will have about your Broken Arrow foreclosure circumstances and the options to help you reach your house selling goal. Simply call 918-297-6222. We Buy Houses Broken Arrow!
By having a far better understanding of what lies ahead, you’ll be better prepared for making decisions that can stop foreclosure in Broken Arrow. Your future self will thank you for setting aside time to become familiar with your options. We will cover 4 ways in which a foreclosure will impact you in Broken Arrow, Oklahoma.
Denied Opportunity Because of Foreclosure
Having a foreclosure in Broken Arrow pop up on a credit reports can cause people to see you as a bad risk. When this shows up in your credit history, you may have trouble getting loans in the future. Your ability to purchase anything you want will be greatly affected. Bad credit may lead to denied loans or force you to pay a painfully high interest rate. You may even be denied for Mastercards, cash advances, or home and vehicle loans. Most financial lenders know they can charge you higher rate if you have a foreclosure, but if you have good credit you enjoy the great purchasing power that comes with low rates and fees. Unfortunately, a bad credit score can lead to many missed opportunities.
Losing Money Because of Foreclosure
Among the highest reasons for homeownership, your equity builds up over time as your debt decreases, and Broken Arrow property values rise. Your financial gains might be as much as 10-20 thousand dollars over the years. Equity is the difference between what your property would be worth in the present market compared against the current mortgage payoff. The bad thing about a foreclosure is it will impact your equity and be a huge loss for you if you have a lot of it. We are not in this business to take advantage of your equity. We want a win win! You need to sell soon for a fair price and we need to purchase as a price that will allow us to make improvements to the home and still profit when we sell it. We look for an all-around fair deal for everyone!
By finding ways to resolve a pending foreclosure, you can figure out how much you can sell your house for to get out of debt and move on. Be sure to keep up with the demand of your lender. Don’t let the house be sucked into the foreclosure process. You may still have time to make everything work out in your favor since you will have control. After foreclosure, you will not have any such control. Should your property sell for less than remains due on your mortgage, you’ll may still be required to form make payments on this debt. This is often referred to as a deficiency debt and may have a huge impact on your lifestyle and family, not mention eating into your budget. Also liability on your credit report will only lead to higher costs associated with having poor credit.
Future Housing Opportunities
Sell Your House Tulsa! Foreclosure can impact your housing options and make getting a loan painful. Generally, landlords run credit checks first as a part if the interview process for tenants. Because of the past hit on your credit score, your financial history will cause you to be at more risk of being passed over for another tenant with a better credit score. You don’t want to lose out on a good housing opportunity so getting out of a foreclosure will give you so many more options in the future. Plus your choices in financing are going to be highly restricted when the time comes to get a loan for another home. According to Fannie Mae, it will take 7 years before you qualify for a mortgage with them again.
Facing the chances of a foreclosure in Broken Arrow can be very stressful. We don’t want you to feel alone. Call us and let’s see what we can do to help. Taking no action will only risk the loss of your home and future financial hardship. Don’t wait until foreclosure begins, let us help you reduce your financial stress today. Send us a text or call us today!
Call or Text 918-297-6222.
This website does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact an attorney directly.