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How Will Foreclosure Affect My Credit?

More than Likely the following will occur;

On average foreclosure will lower your credit score 200 - 350 points.

You will have negative credit for up to 7 years.

You will not be able to buy a home again without putting a large down payment down.

Pay more for anything and everything you buy on credit as it will cost you more for 7 years due to the higher interest rates.

Pay more for Cars for the near future.

Pay more for rent for the next ten years. Difficult to find a new place to live for years to come, rentals included.

Loose security clearance. For some, this means loosing their job as well.

Harder to find work as credit is looked at, as a back ground check is more prominent now that computers have easy access.

Pay more for insurance as many insurance companies now run credit as a factor of pricing.

Deposits on Utilities will be a factor.

Deposit to get a cell phone.

Not being able to get things you want or need when at a store by just signing for it.

Not being able to buy this kind of a car and having to buy another name brand as the other company is willing to sell to people with poor credit.

Working hard over time to re-establish credit.

Possibly being taxed for the deficiency.

There are other options instead of bankruptcy and foreclosure.

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CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE 01312992

SO CAL HOMES REALTY
Harold Sharpe

(951) 821-8211

FORECLOSURE QUESTIONS

Harold Sharpe is the owner of
So Cal Homes Realty.

Harold Sharpe is a Licensed
Real Estate Agent, since 2001.

Harold Sharpe is a
Licensed Real Estate Broker,
since 2005.

Harold Sharpe specializes in Selling Houses, and Finding homes for people.

So Cal Homes Realty is the Real Estate Brokerage to assist you in Buying or Selling a House.

Feel Free to call Harold at

(951) 821-8211

DRE LIC #01312992

Monday - Sunday 9am - 7pm

After Hours E-Mail

Schedule to see Houses in Person Before they Sell!

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