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Foreclosure is defined as the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments. Financial situations can change in an instant and mortgage payments can suddenly be overwhelming bills that are a struggle to pay.
Foreclosures severely impact credit scores which could mean more difficultly in getting credit the years after a foreclose. Some employers even review credit score and take it in to consideration in their hiring process which could make landing a new job more difficult.Judicial Foreclosure:
Learn how to avoid and stop foreclosure