Foreclosure Information
Not being able to afford your home and leaving it, whether through a sale or foreclosure, is very difficult from so many aspects. Credit ratings are often not considered at the time due to the challenges families are facing. However, your credit score will still be important in the future – for rental applications, employment and security clearances, insurance rates, and, of course, major purchases down the road such as automobiles and even another home.
According to Fair Isaacs, creator of the FICO score, all of the following designations on a credit report will likely have an equally detrimental effect on credit scores:
Foreclosure
Foreclosure Proceedings Started
Deed-in-Lieu
Settled
Paid Not As Agreed
Paid For Less Than Full Amount
To help preserve your credit rating and to help get a better score in the future, try to pay all other bills on time. Don’t close existing credit card accounts and limit the number of new credit applications. Verify all collection accounts before paying them to be sure they are even valid and can legitimately be on your credit report.
Contact us today for your Credit Checkup that will give you detailed strategies to build your credit.
Great post. I will read your posts frequently. Added you to the RSS reader.
You’re a very smart person! I’ve been googling this for ages and found your site by accident. Keep up the good work!