Foreclosures: How They Effect on Your Credit

Mortgage and Lending with National Credit Fixers - Matt Listro

One of the most calamitous situations that a person can face is when his or her home is in foreclosure. Often, this is preceded by a job loss or some costly medical emergency. It is at such times that the American dream of home ownership "foreclosure"can become more of an American nightmare than anything else; that is because the impact of a foreclosure on a person’s credit score is huge. Normally, foreclosures end up on your credit report for seven years and can haunt you as you try to rebuild and re-establish credit. According to information from FICO, a person who has a foreclosure in their credit history can have their FICO score lowered by as much as 100 points. In order to avoid the damage done by a foreclosure, some people resort to a “short sale” of their homes which, if not properly done, could have the same negative impact on their credit histories. (A “short sale” is a home that is listed for sale at a price lower than the amount owed on the mortgage.)

Foreclosures also have another negative effect: They can even make renting difficult as you struggle to find a landlord who is willing to accept the risk of delinquent rent. Finally, employers are also wary of people who have gone through either a bankruptcy or a foreclosure. Employers judge these applicants as irresponsible and a risk (especially in positions dealing with finance and banking). There are many stories of people who have unfairly lost the opportunity to obtain high paying positions due to some past blemish on their credit record.

All these are reasons why people usually exhaust every resource they can to avoid this agonizing event. However, many people who end up facing this nightmare only believe that they have exhausted all their resources. These people fail to seek the counsel of a credit repair company to help them avoid reaching this point. And those who have already gone through a foreclosure don’t realize how a credit repair company can help to minimize its negative impact on their credit and FICO score. At National Credit Fixers we have a program especially designed to help remove this black mark on our clients’ credit histories. We can show you how to fix bad credit and how to begin on the road to securing the loans you desire and deserve. We can even help you begin to recover from the equally devastating event of a bankruptcy and hopefully begin on the path to once again living the American dream.

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