Experiencing a foreclosure is a process that could stay with you for a long time. If you are facing a foreclosure of your home, you need to take action in order to stop foreclosure in San Antonio. Keep in mind these three reasons why a foreclosure can be a big problem for your credit report and score.
Duration of a Foreclosure
A foreclosure can stay on your credit report for at least seven years. During that time, you will have a difficult time securing any type of loan. Even if you begin to earn more money and could show you could pay off the loan, you will still have difficulty getting a traditional loan with a traditional lender. Any loan you could get would have higher interest rates and fees because of your risk of a repeat foreclosure.
Difficulty with Housing
A foreclosure on your record not only affects your ability to obtain another mortgage loan in the short term, it can also affect your ability to lease an apartment. Most landlords run credit checks. Even if you are co-signing a lease with someone who has fair or good credit, it will be difficult for you to get an apartment with a foreclosure on your record.
Job Applications
In order to recover from a foreclosure, you need to have a steady income. However, moving up the career ladder could be more challenging with a foreclosure on your record. Employers run credit checks, and they will see the foreclosure in your history. Employers seeking to fill jobs that involve fiscal duties or handling money in any way may not want to hire someone like you who has experienced financial difficulties in the past. If you can stop foreclosure in San Antonio by selling your house first, you could set yourself up for an easier job search and a higher income.
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