credit report for up to seven years. Your credit scores can also affect other areas of your life, such as your insurance rates, phone credit and, in some limited cases, your ability to get a job. You may loose your job! Do you have a job which requires a security clearance or handling money? If you're in the military, work for a government contractor, or even handle money as a cashier at Walmart, a foreclosure could cause you to loose your security clearance or job. Please, before walking away from your home, speak to your HR department and make sure you don't make a decision which will only cause more distress.
OPTIONS AVAILABLE TO YOU
There are various alternatives to foreclosure that you may be able to pursue, including loan modification, deed in lieu of foreclosure, or short sale. We will examine each of these in depth in subsequent chapters. You could be able to negotiate your way out of a foreclosure. Contact your lender as soon as you realize that you’re having serious difficulty making your payments. You might be able to negotiate a new repayment plan or even refinancing that suits your current financial status. According to Mortgage Banking magazine, low- and moderate-income borrowers who engage in repayment plans are 68% less likely to lose their homes. Those are attractive odds. Different states have different foreclosure rules. Find out what your rights are and, most importantly, how long you can stay in your home once the foreclosure process commences.
AVOIDANCE COUNSELORS
A call to a foreclosure avoidance counselor is going to be one of the most important phone calls you will make during the process
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