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Every day shadow, foreclosure consequences

by Regina
(Kalamazoo,MI)

I am very glad to share my story with others, just to let them know what are the foreclosure consequences, at least for us. ....I won't go through this again.


We bought our home over 2 years ago. Everything was great. New place, new ideas how to decorate, etc.
I was 8 months pregnant and my husband lost his job. Through 9 months we tried to do whatever we could to earn some income and keep our home. Finally, we lost it. Foreclosure sale. Only good part of it was that our home was sold for $10k more than we owed to the lender.
We moved temporarily to my parents. What next? 4 months later my husband found a job and I was willing to do the same. We started finally to make some money. 8 months after foreclosure we decided to rent an apartment. 2bdrs, 1 bth and move out of our parents.
It was not the best time to here or read letters from landlords “sorry but foreclosure in your credit report……” We are forced ‘till today leave with my parents. We were not aware of this kind of foreclosure consequences.

To advice anyone who is facing foreclosure. You should not waste your time if you see problems are coming up. Do not wait ‘till foreclosure sale. If there is no income in close future, sale it A.S.A.P
This is not worth it to go through this.

Thank you
Regina, Michigan


Comments and Rating for
Every day shadow, foreclosure consequences

Sep 29, 2007
 Same boat as you
by: Anonymous

Hi Regina. I live in Michigan too. The same thing happened to me when we lost our house in a foreclosure sale. It was horrible. No one would rent to us because we had foreclosure on our credit report. What made it worse was that we had our son with us and every time we moved he would have to change schools. Our credit was destroyed and we made decent money but no one would rent to us. What were we supposed to do?
When we first started looking, we could only get a six month lease on an apartment and had to pay two months in advance. We were never late but they would not give us a longer lease because of foreclosure. I didn’t know this was a foreclosure consequence at all! I thought that we would be able to just lose our house in a foreclosure sale and start over. Everyone I talk to says it will take years for us to get this off our credit report and that it could stop us from owning a home for the next 10 years!
I found this website and wish I had before we lost the home. It would have helped me to be in a stable home right now with my kids.

Aug 25, 2007
 Foreclosure Consequences Shadow
by: Brigitte

Hello,

Regina, as much as I know you are not a single case in foreclosure nightmare. My two friends from Michigan face similar foreclosure consequences as you are.
I am sure this is matter of time to see a light.
Recently I read about foreclosure and landlords. Some of the landlords state that they will treat homeowners who lost their properties in foreclosure the same way like any other rental applicant. It means:
1) Show income 3 times the amount of the rent or better.
2) No evictions.
3) Healthy credit (foreclosure and BK are not automatic deal killers).
4) No evictions.
5) Solid work history.
Hope this help.
Good luck.



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