Homeowner, when facing a foreclosure we don't have to tell you how much pressure and emotional stress can come to you and your family.  DONT STOP READING, however hard this may be to face, you must understand what you and your family will be dealing with in the very near future.  We can only really make changes when we understand what we are facing.

          What is the cost emotionally to your children and/or marriage?

          How will it affect your credit and chances of future home ownership?

Affect On Your Credit

• Most people would agree that a foreclosure will hurt their credit but they don't usually fully understand how.  Most people see it as a single entry on their credit report that says "foreclosure".  That fact is, the history of a foreclosure on someones credit report shows the trail of every step.  First, the bank has recorded the late and missed mortgage payments.  They have also recorded the notice of default, notice of trustee sale, and the actual foreclosure.  Lastly, in many cases, an eviction from the premises has also been recorded.  According to federal law, the credit bureaus are allowed to report your foreclosure on your credit report for seven years.

Financial Cost

• A foreclosure is about being unable to make payments (not spending money) but its even more about losing money.  Without credit everything will cost more. The next place you live, the next car you buy on credit, your monthly credit cards, will all be at significantly higher interest rates because you're considered to be a higher credit risk.
• You will need new housing in the very near future, and with a foreclosure and eviction recently added to your credit file, property management companies will require a more significant security deposit if theyre even willing work with you at all.  Please keep in mind you'll need first and last months rent as well as a large security deposit to afford new housing after the foreclosure.

The Emotional Cost

• The emotional difficulty can be overwhelming to some family members. When considering your options through this difficult time, its important to consider how it will affect your family and the well being of all involved.  Thats why it is so important through these times to have a plan that will provide a "soft landing" out of your problems and thats where we can really be of help.

Avoiding Undue Cost By Having a Plan

• With a plan in place, you can avoid many of the costs associated to a person on the road to foreclosure.  By contacting Action Home Solutions we can help tailor a financial plan to meet your unique situation.  Solutions from simple help and advice in using the equity within your home to get you through a tough time, to more complicated answers such as bridge funding, loss mitigation, or bank short sale.