When people gather around a settlement table to purchase a new house, they are usually excited at the thought of spending the coming years fixing it up, raising a family and making it a home. The thought of needing a Columbia, South Carolina, foreclosure defense attorney may rarely come to mind. Until one is nearing the possibility of losing that home, he or she may not consider the effects of foreclosure.
When a bank forecloses on someone’s home, the person is given a certain amount of time to vacate. Determining where to go is the primary concern, especially if one has children. While some may have the resources to rent an apartment, others may find themselves living with other family members or staying at homeless shelters. If their employer requires a high credit rating, the person in foreclosure may lose his or her job or find it difficult to get hired.
Foreclosure is a negative mark on a person’s credit score, but the damage in not irreparable. Just like bankruptcy, a person can begin rebuilding the credit rating right away by paying up other accounts and securing small loans. Getting a mortgage for a new house is not out of the question, but interest rates will probably be higher and the required down payment may be larger than with a prime rate.
It may be possible to avoid foreclosure and keep one’s home through bankruptcy. When the foreclosure process begins, the clock is ticking. People who have received notice of foreclosure can contact a Columbia, South Carolina, foreclosure defense attorney as quickly as possible to learn the steps to take to avoid losing one’s home.
Source: howstuffworks.com, “How Foreclosures Work: Effects of Foreclosure”, Charles W. Bryant, Accessed on Jan. 20, 2017