A foreclosure will impact you in many ways. Aside from the strain and emotional impact that a similar situation can have on your personal relationships, it can decimate you financially which leads to changes in everything from the clothes you wear to the car you drive. By having a better understanding of what lies ahead, you will be better equipped to take immediate action against the negative consequences of foreclosure. Immediate foreclosure help is critical because waiting too long makes the situation worse! Your future self will thank you for taking the time to learn more about your options during the process. That said, let’s cover 4 ways that a foreclosure will impact you in Greenville NC.
Denied
Having a foreclosure in Greenville appear on your credit reports will cause you to be considered a bad risk.
Once this appears in your credit history, it will impact your overall purchasing power.

Bad credit often leads to credit applications being denied for credit cards, loans, or mortgages.
Any financial institution that is willing to approve consumers with bad credit usually charges exorbitant interest and annual fees that those who enjoy good credit avoid.
Additionally, it could be a reason you are passed over for employment opportunities. Companies need to see that their employees are responsible with their money as it affects their reputation!
Financial Loss
Among the top reasons for homeownership, your equity builds up over time as your debt decreases, and Greenville property values rise.
Your financial gains could be an amount in the hundreds of thousands.
Equity is the difference between what your property would bring in the current market, and the amount that is still owed on the mortgage.
So if your property would sell for $150,000 and you owe $90,000, your equity is $60,000.
Depending on your circumstances, a foreclosure will impact your equity either partially or in full, which could be a significant financial loss.
Getting foreclosure help can help you protect the equity that you have left while also safeguarding your credit.
Debt
By getting the foreclosure help you need to resolve the situation, you can make the decision on how your home is sold and for how much, not the bank!
Open your mail before it’s too late! Keep the lines of communication open so that you can be on top of what actions your lender may be ready to take and how much time you have to change the outcome in your favor.

After a foreclosure, you’ll have no such control. Should your Greenville property sell for less than is still due on your mortgage, you will still be required to make payments on this debt. That’s not good!
This is known as a deficiency debt and can have an enormous impact on your lifestyle and family…
Not to mention eating into your budget…
Additional liability on your credit report will only increase the higher costs associated with having bad credit.
Future Housing
Foreclosure impacts your housing options in many ways.
In general, landlords run credit checks as the first step when interviewing tenants…
Naturally, your financial history will make you a higher risk and may cause you to be passed over for more desirable properties.
Additionally, your choices in financing will be highly restricted should you wish to purchase another home.
Fannie Mae is among the largest in the nation and offers a program with several financial benefits.

Should you have gone through foreclosure and seek a mortgage lender, you should be aware that Fannie Mae will require a waiting period of 7 years before you will be eligible for another mortgage, under their guidelines. That’s a Long Time!
Be sure to get foreclosure help so you can save your credit and avoid this happening to you!
Be sure to take other measures to protect your credit while you’re going through the foreclosure process.
Try to consolidate as many debts as you can into one low interest loan so you can manage your finances more easily.
Facing the possibilities of a Greenville foreclosure alone can be very stressful and inaction on your part risks your financial future. Don’t wait until foreclosure begins, let Pitt Home Buyers help lessen your burdens today. Send us a message or give us a call today at (252) 227-0274.