If you aren�t up to date with your car or insurance payments, your house being foreclosed will absolutely destroy your credit.
Allowing a home to foreclose causes your credit to take a pretty nasty hit. �It can be really tempting to just leave, because of the stress and monetary consequences. �But allowing a home to go into foreclosure can cause serious issues that will affect not only your future buying experiences, but your entire life. �If you�re curious about the problems that will arise from abandoning a home in foreclosure, read on.
Credit Score
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If you aren�t up to date with your car or insurance payments, your house being foreclosed will absolutely destroy your credit. �There are also extenuating circumstances that may be able to get worked out with your loan provider, like a severe injury. �However, if you�re behind on most payments, a foreclosure can stay on your credit report for seven years. �This doesn�t mean it�s impossible to get a loan, but it would definitely make it a lot harder.
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Other real estate
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Your loan provider doesn�t have any bearings on your personal belongings, so everything inside of a foreclosed home is yours. �Also, you most likely have other real estate that is unable to be touched by your loan provider. �However, if you applied for the loan and listed another property as additional security, it�s possible your loan provider could take that from you, as well. �Letting your home foreclose is detrimental to not only the property you may abandon, but any others you own, as well.
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But I can�t pay!
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A huge issue that comes with abandoning a foreclosed property is that some people simply cannot pay what they owe. �After all, that�s why it�s getting foreclosed in the first place. �Some states can�t force you to pay a foreclosed home, but it�s becoming more popular as the housing markets get more competitive. �Often, you may find yourself choosing between abandoning your home and owing just as much (if not more because of taxes), and going into severe debt trying to pay it off.
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The Team Edge will buy your home in danger of foreclosure–fast.
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We�ll give you a fair price for your home, and we�ll offer it quickly. �Selling a home in danger of foreclosure by traditional methods may take weeks or even months, and by then, it may be too late. �The Team Edge is willing to buy your home ASAP, so this difficult time in your life can be behind you.
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The Team Edge will buy your property regardless of its current condition and curb appeal, and is dedicated to providing you with the best possible selling experience and a fast, fair offer. Call our 24/7 hotline today at 443-840-7100 or fill out our quick and easy online application to get started on selling your Maryland property immediately. That�s right. Sell your house fast � AS IS!
Call or contact us online to experience The Team Edge Difference today. You can also follow us on our blog, Twitter, Facebook, LinkedIn, and Google+.