St. Johns County Foreclosures and Short Sales
These days more homeowners in Jacksonville and St. Augustine are facing a tough decision about whether foreclosing is the only option they have left. Deciding to foreclose on your home will have implications on your family and your credit for the rest of your life.
When a homeowner can no longer make payments to a lender for a home, the lender may repossess a home in the process of foreclosure, usually with the purpose of reselling it, to recover the amount owed on the defaulted home. Homeowners throughout Jacksonville and St. Augustine are facing foreclosure proceedings and will face lasting implications.
A few of the effects of foreclosure may include:
- Your credit scores will be significantly lowered, sometimes by more than 300 points. This is the single most devastating mark on your credit report and will affect all of your future credit possibilities.
- A foreclosure listed on a credit report is nearly impossible to have repaired and will most likely remain a permanent mark on this valuable personal report.
- Any future application for a mortgage you apply for will require you to reveal a previous foreclosure, greatly affecting your mortgage rates.
- Many employers conduct a credit check or prospective employees. With a huge drop in your credit score due to a foreclosure, this may also hinder your future employment opportunities. This is especially true of many government positions, including military and law enforcement agencies.
- In order to recuperate money they did not receive during a bank sale of the property, a lender may seek a deficiency judgment against you to obtain the balance.
- May be responsible for any deficiencies after foreclosure for an indeterminate period of time depending on the state you live in; this could land a homeowner in never ending collections.
The real estate market has caused unbearable stress and heartache for many St. Augustine and Jacksonville Homeowners. As a Certified Distressed Property Expert and Realtor, my expertise may save your credit and relieve uncertainty and most of all, help your family.
Contact me, Suzy Evans, and let’s get started on the path to recovery together! Click here for alternatives to foreclosure in St. Johns and Duval County.