Foreclosure
& Foreclosure Prevention
Foreclosure:
Foreclosure is similar to repossession except you are evicted from your
home if you do not pay. Usually this time frame is longer than the repossession
time frame. The title automatically switches over to the note holder (regardless
of what you owe on the house). This will stay on your credit report for
7 years from last date of activity. It is very important to avoid foreclosure
as this is large determinant as to whether future lenders will lend you
money for a home in the future.
Solution:
If you have too much house for what you can afford, attempt to sell the
house. If selling the house isn't available, they you might consider a
foreclosure alternative or
foreclosure prevention program,
in which they negotiate the foreclosure and payments to give you some
breathing room. If you are in too much house to begin with, this only
delays the problem. It's an easy process to stop
foreclosure.
If you already
have gone through foreclosure and you'd like assistance on cleaning up
your credit, use Lexington
Law Firm.
Untitled Document
What Causes
Bad Credit:
Inquiries
Late Payments
Charge
Offs
Repossession
Foreclosure
Judgements
Bankruptcy
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