Though it may seem easier to just walk away from your home and let the bank take it, foreclosure is a no-win solution for everyone involved.
- Foreclosure will damage your credit score. This means that credit card companies will likely charge you higher interest rates, you'll have difficulty getting loans in the future, and you'll have to pay more for insurance.
- Foreclosed homes damage the quality of neighborhoods and your community, leading to unkempt homes, lower real estate values for remaining homeowners, and run-down neighborhoods.
The State of Oregon offers many foreclosure resources and free counseling to help you understand all your options. To find a foreclosure prevention counselor near you, click here.