The foreclosure facts are this: Just like bankruptcy, foreclosure has a severe negative impact on your credit score. But just as in bankruptcy, taking the right steps to repair your bad credit after a foreclosure makes a world of difference.
Foreclosure Facts #1: If you learn how to fix credit, your credit score can increase to 720 in just two years after a foreclosure!
Foreclosure Facts #2: Remember that you have options. Have you considered a short sale? A loan modification? If you have already entered into the foreclosure process, think about the ways you can stop the foreclosure from happening. And be sure you know how foreclosure works so you can take steps to minimize the damage.
Foreclosure Facts #3: Unfortunately, foreclosure is sometimes an inevitable reality. But just like repairing credit after a bankruptcy, you can take steps to minimize the damage. Our free ebook, Credit After Bankruptcy and Foreclosure, can help you recover from a foreclosure.
Learn more about the foreclosure facts so that you too can enjoy a 720 credit score.
I want to share my experience (briefly). I have a house in Phoenix, which was sustained for approx 6 years by close friends living in it and paying the every day things (mortgage, utilities, maintenance). About a year ago, they moved to a less expensive, smaller home that they could afford. (I cannot live there myself, as the heat makes me ill.)
I kept the payments up for 6 months, but ran out of resources, so my last payment was in Oct. 2011. (I applied for a loan mod and was turned down.) I have the house in short sale now (with a cash offer in the works), with excellent realtors representing me. Meanwhile, I’ve been notified that a foreclosure auction will be held in July, and I’ve learned that my credit score is suffering.
So, I’m frustrated… I feel like I should sell off every little thing I have and move into the cheapest senior living community I can find; years of having a good credit score are not helping me now. I know that I’m not alone and would love to hear others’ experiences. Thanks for your time.
Hi, I have a credit score of 803, If the bank forecloses on my house what will my score be. thanks