Foreclosure is a messy business. It often accompanies bankruptcy and follows desperate times, such as those involving divorce. The results are often catastrophic, including irreparable damage to your credit score.

Avoid foreclosure on your Gainesville home by contacting a home buyer. They will pay you cash for your home after a quick inspection and a process that lasts no time at all.

Downsides of foreclosure

Foreclosing makes your life more difficult all around. In the first place, it becomes much more difficult to get a new home or a good deal on any future mortgages. Many of the major loan companies won’t even consider you if you’ve foreclosed in the last five years.

Since it makes you look like you can’t be trusted to pay off your house, foreclosure can make your real estate offers less profitable, your loans less plentiful, and your entire standing with your bank a total mess.

In addition, foreclosing wrecks your credit score since your creditors don’t think you can be trusted to pay them back. This results in increased interested rates on your cards, which will put more strain on an already strained financial position.

This affects your cards, your car loans, and the possibility of even being accepted as a tenet at a rented place.

A lower credit score means that even jobs are more difficult to find because they will check your financial history and discovery in your credit report that you are, to them, a flight risk in terms of dependability on payments and money management.

Finally, even though you’re already getting it from all sides, even the federal government will treat you badly for foreclosing on a house. This is because your money lenders will probably offer you a deal on your debt with a payment plan negotiated through a debt consolidation service.

This money that they absolve you of paying (it could be many thousands of dollars), is taxable, meaning you’ll be paying for some of it anyway in the long run.

Cash as an alternative

Accepting a cash payment for a house is a good way to avoid foreclosure in Gainesville or elsewhere. Your loans get deferred to your buyer and you don’t have to take the huge hit to your record that foreclosing will give you.

This is especially important if you plan on changing jobs in the near future, applying as a rental applicant, or if your credit score is already on the edge.

The Takeaway

Using a home buying company to get out of foreclosure may seem like a sketchy proposition. However, it provides a fast and easy way to get out from under your loans and avoid the huge penalties associated with foreclosing a house.

In the eyes of your creditors, future job applications, and the IRS, you won’t have foreclosed at all. To maintain your financial reputation and responsibility, you may want to call Grid Home Buyers at 352-283-4267 to get an appraisal and get out from under your debt.