The 4 Main Ways that the Foreclosure of Your Parkersburg House Will Impact You in the Future

Luckily, foreclosures are a slow process, and this leaves homeowners with plenty of opportunities to get things back on track before it’s too late. Sadly, foreclosure is entirely avoidable, yet lives are often damaged for years because homeowners didn’t understand the consequences and took no action to prevent the process. I’ve seen it time and time again where a few little mistakes or missed payments have turned into a snowball of debt. Where missed $500 payments pile up into $5,000 or $10,000; where many homeowners simply do not have the money to buy themselves out of the hole they have found themselves in.

Whatever situation they find themselves in now, homeowners who take steps to bypass the inevitable loss of the home will have the most control over their future. As letters from the bank pile up, there is still time to right the ship and save your future. 

The road ahead will be difficult for those who choose to keep their heads in the sand and wait for the lender to foreclose. Read on as we discuss five ways the foreclosure of your Parkersburg house will impact you in the future and afterwards how we may be able to help.


One of the ways the foreclosure of your Parkersburg house will impact you is the expense; your attorney is going to charge you thousands for his time in helping you, plus all of the interest that is accruing on the loan. This is the most straightforward and direct cost associated with your foreclosure. Therefore, allowing your home to fall into foreclosure is a procedure that is costly not only to you as the homeowner but to the lender, the local government, and local property owners. 

Lose Equity

Another way the foreclosure of your Parkersburg house will impact you in the future is by the loss of equity. Equity is the amount of money “in” your house; the difference between what your house is worth and how much is still owed on the loan of your house. It takes years to build equity after you pay down your loan, and you don’t want to give some of that up as fees and the costs of foreclosure add up. You definitely don’t want to give up all of your homes equity in the event of a full foreclosure. Don’t let your hard earned equity be squandered away when there may be something you can do to stop it.

Future Credit

One of the most immediate impacts of the foreclosure of your Parkersburg house is the effect on your credit. Luckily, the foreclosure will not be on your credit history forever, but it will be there for seven years. You may still be able to get credit despite this red mark, but you are gonna pay much higher interest rates making everything else in life more expensive. Don’t allow the unfortunate circumstance you are in with your property affect the rest of your life.

Future Homeownership

After defaulting on a loan and being foreclosed on, buying your next house is going to be very, very difficult and maybe even impossible for several years. Under many government programs, it will be impossible to get a loan for the next seven years. Some loans you can qualify for in as short as two years, but these are extenuating circumstances, such as illness, divorce, or job loss, that will allow these lenders to work with you. Don’t wait until it is too late to do something about it. Take action today.

What Can Parkersburg Homeowners Do?

The first and most important thing you should do is to Take Action Immediately. Let me say that again, take action today and start making steps in the right direction. Don’t let this situation get any worse, and don’t bury your head in the sand hoping the situation will just resolve itself eventually. After this, your next step is really going to depend on your situation. Do you have the money to pay off what you owe? If not, do you have someone who will loan or give you that money to save your house? If you can find the money, reach out to your lender about paying what you owe and getting back on the right track. In some unique cases, the lender may even be willing to work with you (from our experience, the national lenders definitely will not). You may even be able to hire an attorney to help you through the process if you can afford it.

If you feel like this is a lot to handle on your own, remember, Appalachian Homes is here to help. Discuss the impending foreclosure of your Parkersburg house with the direct buyers at Appalachian Homes without any obligations. The experienced pros at Appalachian Homes want to help you end your foreclosure nightmare today. Call Appalachian Homes at (304) 679-7527 or send us a message to learn more about the ways we can help your through this. We have helped others before and we want to help you too! Calling us definitely won’t hurt!

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