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What Will Happen if You Ignore Foreclosure?

If you arenít up to date with your car or insurance payments, your house being foreclosed will absolutely destroy your credit.

If you arenít 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 youíre curious about the problems that will arise from abandoning a home in foreclosure, read on.


Credit Score

If you arenít 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 youíre behind on most payments, a foreclosure can stay on your credit report for seven years. †This doesnít mean itís impossible to get a loan, but it would definitely make it a lot harder.

Other real estate

Your loan provider doesnít 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, itís 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.

But I canít pay!

A huge issue that comes with abandoning a foreclosed property is that some people simply cannot pay what they owe. †After all, thatís why itís getting foreclosed in the first place. †Some states canít force you to pay a foreclosed home, but itís 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.

The Team Edge will buy your home in danger of foreclosure–fast.

Weíll give you a fair price for your home, and weíll 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.

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. Thatís right. Sell your house fast Ė 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+.

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The Team Edge Properties
6400 Baltimore National Pike #338 catonsville, Maryland 21228
Phone: 410-788-5033 URL of Map