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.

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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.

Sincerely,

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You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

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