Facing a foreclosure is never easy. If you are potentially facing foreclosure, it is good to get as much information as possible concerning the event before it happens. This can help you to be mentally prepared as well as emotionally prepared. An attorney can help you if you think you are facing foreclosure unfairly. Let's look at a few little-known facts about foreclosure.

1. Your Possessions Left in the Home Are Trashed

If you think you might be facing foreclosure soon, you should make every effort to get your personal belongings out of the home. If your belongings are still in the home when you are made to leave, those items can also be confiscated by the bank. Your items will be removed from the house much in the same way items are removed following an eviction for renters. Those removing the items will also have the liberty to claim anything of value that they want.

2. Banks Don't Make Much Money on Foreclosures

Many people find this surprising, but banks actually don't make that much on foreclosed homes. In fact, in most cases the bank would make more if you were allowed to stay and given the chance to catch up on your payments. Once a customer is back on track with payments, the bank will be able to resume making money on the loan. According to Realty Trac, the median sales price of a non-distressed foreclosed home is actually 28% lower than regular sale prices. This means that the bank is losing money.

3. Foreclosure Can Affect Your Mental and Physical Health

It's not uncommon for people's physical and mental health to be affected by foreclosure. Not only does a foreclosure create housing instability for you and your family but many people also feel like they have failed somehow. They were not able to fulfill their dream of home ownership. Knowing the long-term effects foreclosure can have on credit scores can also be depressing. If you are experiencing physical illness or mental health issues, it is good to speak with a therapist.

4. You May Still Owe Money

Even if your home is foreclosed, you might still wind up owing the bank money. If the home did not bring in enough money to pay for the debt, the homeowner may still be left with money owed. The bank then has the option of pursuing a lawsuit to retrieve the rest of the funds.

If you are concerned about foreclosure, you can speak to our attorney to learn more about your rights and options. Make sure you're covered for all your legal needs by contacting the Law Offices of Edward P. Vidal for a free phone consultation today.