Hard Time Finding Rental Homes
Most apartment complexes and landlords do not rent to people with evictions and foreclosures on their record. The ones that do, require a high security deposit.
Normal Life Expenses will increase.
Many services providers like Insurance, cell phone, electricity, will require a very high security deposit. This also mean you will have to pay higher monthly paymenes for the nextt 7-10 years.
Not being able to buy a house for 7-10 years
As lending gets more strict it will be even harder to buy a new home with a foreclosure on your credit.
Harder Time Finding a Job
Many employers are basing your hiring potential on your credit. A foreclosure will surely look bad on your credit and could deter an employer from hiring you.
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