How Much Foreclosure Affects Credit Scores

by Laine
(Tampa, Florida)

Ask Kate: How Much Foreclosure Affects Credit Scores
Kate, how much will foreclosure affect a credit score? I know more than one person facing foreclosure and they don't seem to be putting any effort into trying to save their home.



I know you probably won't be able to give me a direct answer, but roughly how much would a foreclosure effect someone's credit rating?

How long will they have to wait before they can try to buy a house again?

How Much Foreclosure Affects Credit Scores


Dear Laine,

Before I share with you how much foreclosure affects credit scores, here is how to avoid it. Whenever possible prevent losing a house because its cost on a homeowner's life extends beyond a credit rating.

With this in light, please refer your friends to How To Avoid Foreclosure - Save Your Home! Save Your Life!

A mortgage application asks if the applicant had a foreclosure in the last 7 years. I have seen credit agencies report foreclosures for 10 years. Some lenders automatically decline credit up to 10 years after repossession of real estate.

Because foreclosure is affecting many US homeowners, I have written 8 Strategies to Stop Mortgage Foreclosure. Discover unique tips such as negotiating a better deal with your lender to stop foreclosure.

Sometimes foreclosure is unavoidable. But it is not the end of the world. The first day after foreclosure is the day to start repairing a credit score. How To Fix A Credit Score Fast is a great place to begin.

I am in the process of writing more on credit repair and will have 3rd party sources to aid in this soon. Please send your friends to this website where I am translating the secret language of mortgage lending.

Return home from How Much Foreclosure Affects Credit Scores

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com.

Click here to post comments.

Join in and write your own page! It's easy to do. How?
Simply click here to return to Contact Kate With Your Mortgage Question.

Grin and Bear It!

We're getting a facelift! Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!

Your friend,
Kate Ford

You Can Own My Brain

Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.

Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.

Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.

Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.

Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.

FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.

PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?

ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.

Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.

Website Answers by Kate - Yes... Readers even ask Kate how to build a website.