Credit Score, What you need to know
:: Foreclosure affect your credit score

find out how foreclosure affects your credit score

If you can’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:

 

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