How does foreclosure affect your credit?

March 11th, 2010

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  • The amount of the loan will continue to show owed until the financial institue gets its money for the property, whether that's through a tax sale or they sale the property to someone else.

    Charles


  • Jennifer, foreclosure has a major impact on your credit rating...by as much as 100 points. The sad part of this too is that it will stay on your report for up to 10 years and you will be explaining why this happened each and every time you try to open a new credit account.

    If you are looking at this happening to you please contact your lender NOW and see if they are willing to rework the loan for you. It may be that you can cut your payment down to a manageable state and your lender does not have to take the property that could be upside down in value compared to what is owed.

    The link below will give you more information on this but the best info you can get would be directly from your lender.







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