No one likes to think about, let alone talk about foreclosure, but for many it’s a harsh reality. Everyone knows that adding a foreclosure to your “been there, done that” list can hinder your ability to buy a home in the future and do severe damage to your credit. In many cases, It can drop a credit score a full 200 to 300 points!
What many are not aware of is the impact damaged credit can have on other aspects of life. Poor credit can result in paying higher automobile insurance premiums. Poor credit can result in denial of credit, or paying a higher interest rate if they DO issue credit. It can hurt you as you’re looking for a job. Many employers use credit scores to determine trustworthiness and whether or not that person would be a responsible employee.
So… what do you do? First, don’t be hard on yourself. You’re not alone. Many are facing that same dilemma. Second, put that word “foreclosure” right out of your mind and make the decision to join a growing number of Twin Cities MN property owners and homeowners we like to call “Accidental Investors”.
Our team at Twin Cities Management is here to help. Not only can we help find renters for your existing home, if need be, we can help you find a home to rent that will fit within your budget.