5 Top problems faced by people in foreclosure

Most of the people who face foreclosure will also bear a lot of problems and hardships following this unfortunate occurrence in their lives. Foreclosed homes are normally sold at lower prices than they had originally been worth. There are new jersey houses for sale that are as a result of foreclosure. The people whose homes have been foreclosed face a number of problems. Here are 5 such problems:


  • Finding a new place to live

It is obvious that after your home is foreclosed, you will need to find a new home. The problem here is that this new home will require rental deposits. You will not be a suitable candidate for rental houses because the landlords will definitely ask for your credit rating; which will low once your home has been foreclosed.

Foreclosed owners are cash strapped and this presents the biggest problem when you are trying to find a new place to live. Most experts will advise you to consider cash for keys program once you realize you will face foreclosure. This program requires that you vacate your home voluntarily and leave it clean.


  • Problems as a result of credit fallout

Defaulting on a mortgage makes you credit unworthy. Many of your creditors will find it difficult to collect what you owe them once your home is foreclosed. This credit fallout will make it virtually impossible for you to land any loans in the near future.

The companies that sell homes fast in Bayonne nj will not be willing to find you a rental home since they consider you credit unworthy. Most credit card companies could charge you a very high interest rate due to your credit scores.


  • You have to live through losscredit-rating

There are emotional problems that come with a foreclosure. Leaving your home and finding   new neighborhoods is not an easy thing. Your children and indeed the whole family will be impacted negatively by a foreclosure. Finding new schools and the associated hardships could easily take a toll on the whole family. In this regard, counseling would be the right thing for the family.


  • Difficulty buying a new home

You can be approved for an FHA loan 3 years after completion of a foreclosure. With Fannie Mae, this length of time was upped to 5 years for clients who have had a foreclosure. This, they consider is the best way to deter reckless borrowers who do not repay their mortgage prudently.

What options do you have after a foreclosure? Well, they could be there but rather limited. With a federally insured FHA loan, you could secure a mortgage after foreclosure. However, you will need to demonstrate that you have been a good bill payer after the foreclosure. You may also find that the issue of this foreclosure could affect your process of buying and selling a house in Hudson county nj.


  • Explaining the foreclosure to potential employers

Many employers will do a credit check of how potential employees are. In this regard, one will find the subject of their foreclosure coming up during their job interviews. This could affect you more when you are applying for positions related to the handling of money.  

Most employers will do credit checks before they can employ cashiers and auditors or accountants. This could negatively affect your chances of landing such jobs unless you have a good explanation to offer your potential employers.


Download our
FREE Market Guide

  • This field is for validation purposes and should be left unchanged.

See Our Google Reviews

Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
Next Reviews

Site Map
Privacy Policy

Click for the BBB Business Review of Cash Buyer New Jersey