Consequences of Foreclosure Part 3

 

Foreclosures don’t typically come without any warning. The first warnings are the ones you may experience before you even start falling behind on your payments. For example, you might lose your job, experience the death of a loved one, develop a health problem, go through a divorce, or experience one of many other life events that may change your financial situation.

When these life events happen—and they can happen to anyone—do not assume the money will somehow come. All too often, this leads to foreclosure. It’s best to say, “Buy my home now in Tampa, FL!” and stay in control of your situation.

In Part 1 of this three-part article, we discussed the hefty and long-lasting credit score consequences associated with foreclosure. In Part 2, we talked about the unexpected tax consequences. Today in Part 3, we’ll discuss the emotional consequences of foreclosure.

Emotional Consequences of Foreclosure

The consequences of a foreclosure are extreme, and this holds true for more than just your credit score, taxes, and other financial aspects of life.

The topics of finance and general wellbeing are so closely linked that you can’t really separate one from the other in the first place. Sure, we all know the old saying that “money can’t buy happiness,” but the lack of money and the threat of losing your home can definitely affect your sense of security, confidence, and freedom.

A Skeleton in the Closet

Having a foreclosure on your record would feel like a skeleton in the closet for a long time. Predictably, it would be a hindrance when it comes to eventually buying another home, and in some cases even when it comes to renting. If you are one day able to buy again, the foreclosure will also affect your mortgage rates on your new home.

Going through a foreclosure can affect a person’s pride, too. Foreclosures are public records and visible online for anyone to see. The last thing most people want is for one of the hardest events of their life to be publicized.

The Effect on Your Family

Last but certainly not least, a foreclosure would be hard on your family. If you have children, there is usually no way to shield them from your stress, the repeated notices from your lender, and the uncertainty of the future. It would also inevitably be hard on your relationship.

It is better to take charge of your situation. Instead of saying to yourself, “I’m so worried about what the bank will do,” we recommend you find someone trustworthy and say, “Buy my home as is in Tampa, FL!

Ethical Home Buyers has been that “someone” for countless good people in bad situations. We can help you too.

For more information about selling your home, please submit our contact request form.

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