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The Consequences of Florida Foreclosures

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By : Clark Raitz    99 or more times read
The recent economic crisis has affected numerous homeowners across the country. Many individuals have been unable to pay their monthly mortgage payments. This is the reason behind the increasing number of Florida foreclosures and across the country.

If you are currently facing some financial stress and you feel that your house is on its way to the long list of foreclosures for sale, then you probably want to know what consequences await you if you default on your monthly payment.

First of all, you should know that losing your home is not the only negative impact of foreclosure. When your home becomes foreclosed, your credit rating will also be affected. Typically, your credit score will go down by as many as 300 points. Needless to say, a negative credit report can significantly affect your everyday life. It will become difficult for you to apply for a credit card, qualify for a loan, look for a job or even buy a car. This is why homeowners are doing their best to avoid foreclosures.

If your home does become included in the long list of Florida foreclosures and other foreclosure listings across the country, you might want to speak to a Real Estate lawyer as soon as possible. Since foreclosures for sale are sold for much lower than their original asking price, the lender might demand that you pay the difference. A lawyer can help you seek protection against such demands.

If you honestly think that you wonít be able to make your monthly payments anymore, you can minimize the damages of foreclosure by communicating with your lender. Itís a good thing to remember that banks or lenders would rather avoid foreclosures. This is because they will be responsible for the costs of maintaining the foreclosed properties. Perhaps your lender may be able to offer you some kind of assistance such as loan modification or counseling.
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