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Foreclosure’s impact extends beyond your home

On Behalf of | Jul 9, 2024 | Foreclosure Defense

Many homeowners face situations that make it difficult to keep up with their mortgage payments. These could be medical bills, job loss or simply financial struggles. When a borrower defaults, foreclosure is often a common possibility, and its consequences can extend far beyond the walls of your home.

Foreclosure can ripple outward

Understanding the broader effect of a foreclosure is the first step toward securing your home. The potential impact can include:

  • Credit score hit: Obtaining new loans, credit cards or utilities can be challenging as foreclosure appears on your credit report for seven years.
  • Debt collection: Even after foreclosure, you may still be responsible for the remaining debt on your mortgage.
  • Eviction: Foreclosure usually culminates in eviction. You will be legally obligated to vacate the property within a specific time outlined in the court order.
  • Renting challenges: Landlords often conduct credit checks, and a foreclosure on your record might lead to a rejection.
  • Emotional toll: Foreclosure can cause stress, anxiety and even depression. Your relationships with family and friends may experience some strain, too.

It takes mortgage holders 12-15 months to complete a foreclosure in Illinois. The process could move more quickly or more slowly, depending on your case. If you are facing foreclosure, knowing your options can make a difference in delaying the process or even getting it dismissed.

Enlisting help to fight foreclosure

There is no guaranteed way to stop foreclosure entirely. Still, you can explore options such as loan modification, refinancing agreements and repayment plans. Seeking guidance from a qualified foreclosure attorney can help increase the chances of securing your home.