:: Foreclosure affect your credit score
find out how foreclosure affects your credit score
If you canâ€™t pay your home mortgage, the worst thing you can do is to ignore the problem.
Foreclosure may occur.
Foreclosure This is the legal means that your lender can use to repossess (take over) your home. (see Repossession Affects Your Credit Score)
When foreclosure happens, you must move out of your house.
If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued.
If that happens, you not only lose your home, you also would owe the difference to the lender. in other words, you have no money, no house, and you still have to pay the bank.
Avoid foreclosure if possible, it will hurt your credit big time!
Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future.
More info on foreclosure:
More Credit Score:
- How to Fix Your Credit Score the SIMPLE Way
- Bankruptcy, How it Affects your Credit and your Credit Score
- How Eviction Affects Your Credit Score
- Repossession affects your credit score
- Foreclosure affect your credit score
- FICO Score Explained
- What's a Good Credit Score?
- How To Improve Your Credit Score
- How your credit score is calculated
- What is a Credit Score?
- VantageScore vs. FICO credit score
- What is considered a good credit score?
Write a CommentName (required) E-mail (required, will not be published)