5 Ways the Foreclosure of Your Lafayette Mobile Home Will Impact You in the Future

The wheels that drive foreclosures turn very slowly, and there is ample opportunity to steer the ship in a new direction and salvage your future. Sadly, foreclosure is entirely avoidable, yet the foreclosure of your Lafayette mobile home will impact your life for years because mobile homeowners didn’t understand the consequences and took no action to prevent the process. 

Whatever circumstances change to create the situation, mobile homeowners who take steps to bypass the inevitable loss of the mobile home will have the most control over their future. As the letters from the lender begin to arrive, there is still time to reach out to the lender and attempt to work towards an amicable solution. 

The road ahead will be difficult for those who choose to keep their heads in the sand and wait for the lender to foreclose. Read on as we discuss five ways the foreclosure of your Lafayette mobile home will impact you in the future 

Costly

One of the ways the foreclosure of your Lafayette mobile home will impact you is the expense; your attorney will charge thousands, not to mention any fees that accumulate on the mortgage loan or from the process of foreclosure itself, which can be substantial as well. Therefore, allowing your mobile home to fall into foreclosure is a procedure that is costly not only to you as the mobile homeowner but to the lender, the local government, and local property owners. 

Lose Equity

Another way the foreclosure of your Lafayette mobile home will impact you in the future is by the loss of equity. As mobile homeowners pay down their mortgage balance, the difference in the amount owed and the mobile home’s current market value is known as equity. As the fees and costs of the foreclosure add up, the equity you’ve built over the years will slowly begin to drop. Additionally, lenders typically go with the lowest appraisal value, further depleting the level of any remaining equity. 

Future Credit

One of the most immediate impacts of the foreclosure of your Lafayette mobile home is the effect on your credit. While it won’t last forever, your foreclosure will be on your credit report for seven years. While not impossible to acquire credit with this red mark on your records, rest assured you will pay much higher interest rates as a penalty, making life even more expensive as a consequence. It will help your creditworthiness as you work towards rebuilding your credit and regain control of your financial future.

Future Homeownership

Qualifying for a mortgage will be difficult. Under several government programs, it will be impossible for the next seven years; if you qualify for VA loans, the period may be as short as two years following the foreclosure of your Lafayette mobile home. There are, however, some extenuating circumstances, such as illness, divorce, or job loss, that will allow these lenders to work with you, so don’t put your head in the sand again; reach out and take charge of your future.

Future Employment

As more employers run credit checks in the attempt to find more productive workers, your future employment potential has become another one of the ways the foreclosure of your Lafayette mobile home will impact you. If you are in this situation, concentrating on credit repair will work in your favor. Although it doesn’t make every job impossible, your hireability is more dependent on your creditworthiness if the job requires you to handle money or customers’ financial data.

Lafayette Mobile Home Buyer is here to help. Discuss the impending foreclosure of your Lafayette mobile home with the direct buyers at Lafayette Mobile Home Buyer without any obligations. The experienced pros at Lafayette Mobile Home Buyer want to help you end your foreclosure nightmare today. Call Lafayette Mobile Home Buyer at 337-508-0795 or send us a message to learn more.