Florida Loan Modifications has been serving families like yourself for more than 25 years. We serve loan modifications to clients locally here in Florida and Nationwide. Please use this site as a resource to learn more about loan modifications and how they can help your family save your home from foreclosure.
For those of you who have had their homes foreclosed, you are now seeking a new apartment to home to live in, but there are new difficulties that can prevent homeowners from re-establishing themselves.
When your home is foreclosed, the bank seizes the property and the home is sold on the open market at auction. Any resulting difference between the amount owed and the final balance is settled by the bank and normally forces the homeowner to file for bankruptcy because they can’t pay the amount they owe to the loan holder or bank.
So what happens when you declare bankruptcy as a result of a foreclosure?
Effects of Bankruptcy As a Result of Foreclosure
The most major impact is going to be on your credit score. You will have a permanent mention on your credit score that stays for 7 years that says you failed to pay your mortgage loan, and are a unqualified borrower.
This will limit your ability to get a credit card, buy a car (and get a loan), find an apartment (sometimes), and anything else that affects your ability to loan money, as you showed in the past that you are not a trustworthy borrower.
So how does this affect smaller items like setting up your utilities? A foreclosure on your credit score should not affect your ability to start utilities at a new apartment or home. A deposit will be required to start the services, but otherwise you should have no difficulty.
