Understanding Foreclosure

Foreclosure is known as the atomic bomb of your personal finances because it is extremely difficult to recover from once it happens.

Failure to pay mortgages and property taxes could result in a bank or local county taking your home.

For years, your life will be negatively affected in many ways including not being able to secure a loan on a house or car, or qualify for a lease on rental property such as a house or apartment.

It will take years to restore your credit and get back on track. ​

If you are currently not paying your mortgage payments or property tax bill and are receiving notices from your mortgage company or county, the next step is foreclosure.

When someone is foreclosed on, the local police will implement a court order to come to your house and escort you off the premises.

You will lose all money you may have in the home and no longer be the owner. You will lose everything.