I believe every homeowner deserves the best information and education to avoid losing a home to foreclosure and damaging credit for years to come.  Many homeowners today are facing uncertainty. They do not know what to do next for themselves and their families.  Despite all attempts to hold on, foreclosure has become a reality that if not addressed and handled correctly, it can have a devastating outcome.  Here are a few examples of how a foreclosure will affect your life.

Foreclosure is the most challenging issues against a security clearance outside of a conviction of a serious misdemeanor or felony.  If a person has a foreclosure and is a police officer, in the military, security, or any other position that requires a security clearance; the clearance could be revoked and the person will not be able to perform the duties required for the job.  On its own, a short sale does not challenge most security clearances due to the fact that short sales are not explicitly reported on a credit report.

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. In many cases, a foreclosure is ground for immediate reassignment and sometimes termination.  Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and will challenge employment in most cases. Again, since a short sale is not reported on a credit report; therefore not a challenge to employment.

 Now more than ever, you need to prepare yourself to navigate the mistakes that are most commonly made. As a Certified Distressed Property Expert (CDPE), I have been specifically trained to assist homeowners in difficult situations.  If you would like more information or assistance, please contact Krista at 832-585-3035.

  1. 3 beds, 2 full baths
    Home size: 1,824 sq ft
    Lot size: 8,680 sqft
    Year built: 1989
    Parking spots: 2
    Days on market: 1
    Listed with BuyBroker
  2. 3 beds, 2 full, 1 half baths
    Home size: 2,043 sq ft
    Lot size: 10,817 sqft
    Year built: 1985
    Parking spots: 2
    Days on market: 1
    Listed with Berkshire Hathaway HomeService Anderson Properties
  3. 6 beds, 7 full, 3 half baths
    Home size: 9,340 sq ft
    Lot size: 42,300 sqft
    Year built: 2008
    Parking spots: 6
    Days on market: 1
    Listed with Fidelity Realtors and Services
  4. 1 bed, 1 full, 1 half baths
    Home size: 1,512 sq ft
    Year built: 1983
    Parking spots: 1
    Days on market: 2
    Listed with RE/MAX Alliance
  5. 3 beds, 2 full baths
    Home size: 1,208 sq ft
    Lot size: 10,233 sqft
    Year built: 1977
    Days on market: 2
    Listed with Ineto Real Estate Services
  6. 3 beds, 2 full, 1 half baths
    Home size: 2,020 sq ft
    Lot size: 3,191 sqft
    Year built: 2003
    Parking spots: 2
    Days on market: 2
    Listed with Martha Turner Sotheby's International Realty
  7. 3 beds, 2 full, 1 half baths
    Home size: 2,002 sq ft
    Lot size: 5,675 sqft
    Year built: 2006
    Parking spots: 2
    Days on market: 2
    Listed with Keller Williams Realty The Woodlands
  8. 2 beds, 2 full, 1 half baths
    Lot size: 4,195 sqft
    Year built: 1985
    Parking spots: 2
    Days on market: 2
    Listed with Villages Group-Creekside Park
  9. 5 beds, 3 full, 1 half baths
    Home size: 4,060 sq ft
    Year built: 2012
    Days on market: 2
    Listed with RE/MAX The Woodlands & Spring
  10. 4 beds, 4 full, 2 half baths
    Home size: 4,325 sq ft
    Lot size: 4,795 sqft
    Year built: 2014
    Parking spots: 2
    Days on market: 2
    Listed with RE/MAX The Woodlands & Spring
  11. 3 beds, 2 full, 1 half baths
    Home size: 1,550 sq ft
    Lot size: 6,090 sqft
    Year built: 1986
    Parking spots: 2
    Days on market: 2
    Listed with Realty Associates
  12. 3 beds, 2 full baths
    Home size: 1,746 sq ft
    Lot size: 6,401 sqft
    Year built: 1992
    Parking spots: 2
    Days on market: 2
    Listed with Keller Williams Realty The Woodlands
  13. 3 beds, 2 full, 1 half baths
    Home size: 2,047 sq ft
    Lot size: 6,802 sqft
    Year built: 1994
    Parking spots: 2
    Days on market: 2
    Listed with Coldwell Banker United, REALTORS
  14. 3 beds, 2 full baths
    Home size: 1,555 sq ft
    Lot size: 5,914 sqft
    Year built: 1998
    Parking spots: 2
    Days on market: 2
    Listed with RE/MAX The Woodlands & Spring
  15. 5 beds, 2 half baths
    Home size: 1,513 sq ft
    Lot size: 4,394 sqft
    Year built: 2007
    Days on market: 2
    Listed with RE/MAX The Woodlands & Spring

See all The Woodlands Listings.
(all data current as of 9/24/2016)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Showing 2 comments
  • Shannon Register, Realtor

    The short answer is no. After 2 years, you can apply for a loan if you had a short sale on your previous home. However, with a foreclosure, it can take up to 10 years to overcome and you will always have to answer “yes” on your loan application where it questions you about ever having had a foreclosure.

    Much much better on your credit to have a short sale than a foreclosure. Feel free to call if you have any questions. We would be happy to talk to you about your options. 281.288.3500

  • Jane

    I read that after two years, you can re-apply for a loan and buy a house after foreclosure. I am wondering if this is true. What is your opinion on doing so? I also hear it can be a good time to buy because there can be more government assistance and lower rates at this stage. Below is the site I have been sourcing for this info. Looking for a second opinion. Thanks! — Jane

    http://www.homeloanacademy.com/home-loan-blog

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