Foreclosure and my credit


How does a foreclosure affect my credit report?
Your credit scores will be significantly lowered, sometimes by more than 300 points. This is the single most devastating mark on your credit report and will affect all of your future credit possibilities.


Can I get my credit report repair afterwards?
A foreclosure listed on a credit report is nearly impossible to have repaired and will most likely remain a permanent mark on this valuable personal report.

How will a foreclosure effect any future application for a mortgage? 
First is you will not be able to get a new mortgage for 3 to 5 years.  Afterwards the forclosure will have a negative impact on your mortgage rates.



What other legal steps can the lender take against me if they foreclose?
In order to recuperate money they did not receive during a bank sale of the property, a lender may seek a deficiency judgment against you to obtain the balance. 



What other affects can a foreclosure have on me and my family? 
Most employers will also conduct a credit checks. With a huge drop in your credit score due to a foreclosure, this may also hinder your future employment opportunities and even place your current position in jeopardy.  This is especially true of many government positions, including military and law enforcement agencies.




Contact us to avoid a foreclosure and the negative impact of a tarnished credit report!