How Much Foreclosure Affects Credit Scores
by Laine
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.
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. 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 Get-Your-Best-Mortgage-Rate.com where I am translating the secret language of mortgage lending. As a side note...Laine you just created your own web page. If you'd like, show your friends using this link: http://www.get-your-best-mortgage-rate.com/how-much-foreclosure-affects-credit-scores.html P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed. 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.
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