Real Estate - Mortgages - Refinancing - Foreclosures - Moving Tips - Apartments - For Rent - Leave A Message Foreclosure Affect Your Credit Score Credit Repair Blog » Table Of Contents » Credit Score » Foreclosure Affect Your Credit Score If you've had a foreclosure in the last 3 years it will have a big inpact on 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: Tips For Foreclosure Resources For Foreclosure Also read about repossession Reply to this article | Email Twitter  Facebook  More   See Also » How your credit score is calculated » What is a Credit Score? » How To Improve Your Credit Score Related Articles » Trans Union » 3 major credit bureaus » First Step to Credit Repair » Definitions Related to Credit Repair » How to deal with Credit Bureaus Leave a Reply Name (required) E-mail (will not be published) (required)   <<   Enter code

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