If one is at risk of losing their home to a foreclosure, how are they really affected and for how long?
Question:
Answer:
Anyone at risk of losing their home to foreclosure experiences alot of stress. Usually they are in denial until they are actually within a month of having to move out, or risk being physically removed by the sheriffs dept. If a person can accept that it is what it is, they can then plan ahead. Their credit will be affected for at least 2 years from the date of sale. During this time the person needs to maintain good standing with all his other creditors, whether it's his Visa account, dept store card, even utilities. If that person can do this, and maintain and keep steady employment, he can possibly try again to purchase a home. A lender would look at his history and see that his home was foreclosed on, but they would consider all his credit from that point on in considering him for a loan. To sum it up, a person is detrimentally affected emotionally, physically and financially, but if he can weather the storm and know there's light at the end of the tunnel, he will be okay.
Well, they no longer have some place to live.
Credit is destroyed. it will be at least 2 years, more realistically 5+ years before they will be able to get another mortgage.
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