Foreclosure and your Credit?
Question:
Answer:
A foreclosure will definitely drag down your credit score, especially if you have excellent credit now. There are other factors to consider, though, besides just a foreclosure.
Your credit score is based on your entire history of using credit (well, 7 years of it, anyway), and the entire picture will be considered in assigning you a score. If you have a lot of other bills that you are current on, and loans that are paid off or on time, the foreclosure may not have a huge impact. Combined with numerous late payments on other loans, though, a foreclosure can really help bring down your score.
Same thing applies with how much credit you have. If the mortgage is your only bill right now and you default, expect a big drop. But if you have other student loans, car loans, credit cards, etc. that you are paying as well, a foreclosure is just one negative mark on an overall positive credit report. Still a negative mark, of course, but as bad as it could be.
Hope that answers your question.
ForeclosureFish
http://www.foreclosurefish.com/...
seven years before your credit can recover and you still have to pay for what the bank dosn;t get after they liquidate it
high interest loans on anything you need to buy just not worth it
if you have any equity it would be better to take that loss
by selling (discounted) quick. or could it be assumable get out that way
hmmm why don't you try Leasefunders resources
A foreclosure is one of the worst things (next to a bankruptcy) you can do to your credit report. It will hurt real bad for 4-5 years before things improve.
Personally, if you are in such bad debt that you may lose your home, consider bankruptcy instead. The impact is just as bad, but at least you will get yourself out of debt.
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