You are facing foreclosure and aren’t sure what to do. It’s a scary and stressful time, and you may not have a choice but to let the bank foreclose on your home. However, you do have choices, as there are foreclosure defense services available who can help you save your home. You may want to consider these services because the credit implications of a foreclosure can haunt you for years to come.

Credit Score Impact

While the drop in credit score will vary from person to person, generally, you can expect to lose up to 100 points (sometimes more) from your credit score because of your foreclosure. However, if you have a low score already, you probably won’t see much of an impact.

To help bump up your score, remain current on your other debt. The foreclosure remains on your report for seven years, but its impact lessens over time.

Obtaining a New Mortgage

You may have the ability to get a new mortgage in as little as a year after your foreclosure if you’re looking at FHA-backed loans. You must also meet certain criteria and have satisfactory credit during this time frame. It’s possible, however, that you’ll have to wait as much as seven years from the date your foreclosure was completed in order for you to obtain another mortgage.

If you’re facing foreclosure, please reach out to our team. We will sit with you to determine what options you have in order to find you the best possible solution.

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Foreclosure Lawyers Miami FL