How Will Foreclosure Affect My Credit?
Foreclosure can have a serious and long-lasting negative impact on your credit score and overall financial health. It can be difficult to recover from the damage done to your credit, but there are steps you can take to repair it over time.
A foreclosure happens when you fail to make payments on your mortgage loan for an extended period of time. This results in the lender taking legal action against you, which generally involves them taking ownership of the property in exchange for canceling the debt. The effect this has on your credit score is significant: it will lower it by at least 100 points and may even result in additional blemishes such as late payment records or collection accounts that further degrade your rating. Additionally, a foreclosure can stay on your record for up to seven years, making it difficult to obtain new lines of credit or loans during that period.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706