REASONS TO AVOID FORECLOSURE:

1)  You will always have to disclose that you have had a foreclosure on mortgage application and many job applications you submit in the future and this can have an adverse affect on your future mortgage rates.  This is the only credit item that is asked specifically and does not rely on what is on an individual's credit report.

2)  Credit scores will be lowered by 300+ points and a foreclosure is the most devastating credit issue you can have in relation to future credit availability.

3)  A foreclosure is the one credit report item that is almost impossible to have repaired and will ultimately affects your credit for a minimum of 7 years!

4)  Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at a trustee sale.

5)  Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

6)  Many current employers run credit checks and a foreclosure can put a current position in jeopardy.

7)  Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.