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The economic slowdown has caused foreclosures and bankruptcy for many. Both of these affect your credit score.
Do foreclosures and bankruptcy really damage my credit score that much? Is there any way I can avoid either of these two credit killers?
The answer to the your questions:
1. foreclosure stays on your credit record for 7 years.
2. bankruptcy does more damage and remains there for 10 years.
Your attorney may be able to fix the lengths (or at least say they can!), but in my experience the above answers are true.
Can I avoid either of these?
Maybe!
Two things that I have seen work:
1. ask the lending institution if they will take your home
for the equity you have in it without foreclosing
2. find a buyer for your home
Neither of these options seem like good options; however, your goal is to avoid foreclosure. Yes, you’ve worked hard to build up equity in the property and suddenly to throw it all away seems nonsensical. Remember your goal is to avoid foreclosure. If the bank forecloses on your property, you will lose it anyway.
How can I find a buyer for my property?
Obviously, a buyer will look for ways to get a bargain on property. In order for him/her to buy your property at a bargain, he will need to work with your loan officer, and you will have to give him permission to contact the officer.
To find possible buyers for your property, visit www.coffeynoteconsulting.com/. You may get an answer to your foreclosure problem in a day or two.
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