4 Things You Didn’t Know About a Foreclosure on Your Billerica House

Summit Buys Houses Can Help You Avoid Foreclosure In Billerica

Summit Buy Houses in Billerica, MA.  If the bank is threatening to take your property after all you have put into it, we are legitimate homebuyers in Billerica and we will help you stop the impending foreclosure of your house! Keep reading to learn about what you can do to fight back!

“How Do I Stop Foreclosure of My House in Billerica?”

Unfortunately this is the first question many homeowners ask us when they call. Besides the obvious strain and emotional impact a situation like this can have on your family and personal relationships, foreclosure will also devastate your finances and credit. From the clothes you wear to the car you drive, or even where you reside or work, it will have a residual effect on your life for years to come. But luckily, you still have options and can take positive steps to avoid a foreclosure.

By educating yourself and understanding of what lies ahead, you will be better equipped for taking immediate action against the negative consequences of foreclosure from the start.

Your future self will thank you for taking the time to learn more about your options during the process. Here, we’ll briefly cover 4 ways that a foreclosure will impact you in Billerica, Massachusetts.

#1. Your Credit Requests Are Denied 

Having a foreclosure in Billerica appear on your credit reports will cause you to be considered a bad risk. Once this appears in your credit history, it will impact your overall purchasing power. Bad credit often leads to credit applications being denied for credit cards, loans or mortgages. You may be able to find credit but any financial institution that is willing to approve consumers with bad credit usually charges exorbitant interest and annual fees. If you’re facing financial difficulties these high costs might just make your situation worse down the road. Additionally, it could possibly be a reason you are passed over for employment opportunities. 

#2. Financial Loss

Among the top reasons for homeownership, your equity builds up over time as your debt decreases, and Billerica property values rise. Because Massachusetts houses have enjoyed good appreciation for many years, your financial gains could amount to hundreds of thousands of dollars! Your home equity is the difference between what your property would bring in the current market, and the amount that is still owed on the mortgage. Depending on your circumstances, you could lose part or even all of your equity you’ve built up. It goes without saying this which could be a significant financial loss that most people struggle to rebound from.

#3. Burdensome Debt

Sometimes people believe they can’t sell their home if they are facing foreclosure. Definitely not so! By taking quick steps to resolve a pending foreclosure, you can make the decisions on how your home is sold and for how much. Make sure you understand what your bank is doing with your situation. Open your mail before it’s too late! Keep the lines of communication open so that you can be on top of what actions your lender may be ready to take and how much time you have to change the outcome in your favor. After a foreclosure takes place you’ll no longer have any control. And, should your Billerica property sell for less than you owe the lender of your mortgage, you may still be required to make payments on this debt. This is known as a deficiency debt and can have an enormous impact on your lifestyle and family. Not to mention eating into your budget. Additional liability on your credit report will only increase the higher costs associated with having bad credit.

#4. Where You Live In The Future 

Foreclosure impacts your housing options in many ways. If you are forced to move out of your Billerica neighborhood after a foreclosure takes place, you may have to rent a place to live. In general, landlords run credit checks as the first step when interviewing tenants. Naturally, your financial history will make you a higher risk and may cause you to be passed over for more desirable properties. If you look hope to purchase another property after foreclosure, your choices in financing will be highly restricted. Fannie Mae is among the largest lenders. You should be aware that Fannie Mae and most large lenders like them will require a waiting period of 7 years before you will be eligible under their guidelines. 

Related: Learn What Our Friends in California Say About Foreclosures

Conclusion

There is absolutely no need to face the possibilities of a Billerica foreclosure alone. It is too can stressful and inaction on your part risks your financial future. Don’t wait until foreclosure begins, let Summit Buys Houses help lessen your burdens today. Send us a message or give us a call today at (978) 254-3800.

Summit Buys Houses is here to listen to you and can address any questions you may have about your specific circumstances.Just call (978) 254-3800.

We do not provide legal help and if you feel you need that help please
seek out a qualified law firm licensed to practice in Billerica MA.


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