Foreclosure. It’s the word no homeowner ever wants to hear. For some, it feels like the only option. But before you let it happen, here’s what you need to know.
What’s Foreclosure?
Foreclosure is when your lender takes back the home after missed payments, usually through a public auction.
Why Some Let It Happen
- No effort required
- Extra time in the home during the process
The Harsh Reality
- Severe 7-year credit impact
- Public record and neighborhood stigma
- Eviction — you don’t control when you move
- Harassment from investors and scam calls once it’s filed
- Possible deficiency judgments
- Stress, embarrassment, and regret later
Here are some common questions: How long does foreclosure take? How badly will foreclosure hurt my credit? Will people know if my home goes into foreclosure? Can I be evicted during foreclosure? Could I still owe money after foreclosure?
Bottom line: Foreclosure is the most damaging option financially, emotionally, and socially. If you can avoid it — do.
Don’t wait until the foreclosure clock runs out. Talk to House Karma today to find out how to avoid eviction, protect your credit, and move forward with dignity. [Avoid Foreclosure →]
