Understanding your situation is the first step to then understanding your credit and the impact a foreclosure process can have on it.

Credit scores can and will be a determining factor in your ability to obtain credit, such as an auto loan, mortgage loan, credit card, etc.). Credit Scores will also determine the interest rate you will pay for that credit. In these cases a borrower with a favorable credit score is more likely to be approved and will likely pay a lower interest rate on new credit. Though, the impact of a credit score and credit history can go even further, as it is likely that credit scores will be reviewed when a Borrower is looking for rental housing in the future, when applying for utilities such as electric, water, phone and/or a cable TV account, this may even impact whether a person must pay a heafty deposit before utility accounts are turned on such as electric and gas services.

We do not discuss credit, however we can talk with you about your options for selling your house.

For information about selling your house call us NOW at 813-922-1770

Or fill out the to send us information about your house.

To learn more, download the booklet “Know Your Credit Score” published by FICO and the Consumer Federation of America. Also, be sure to review theEducation Center on myFICO (www.myfico.com).

Credit impact

When a payment is missed whether it is a mortgage, credit card, or other account. This information can and will likely be reported and listed in a negative manner on your personal credit report. When a person is late (or misses payments), the more negative items may then appear on a credit report, which in turn may lower a perons FICO® score.

According to FICO, typically borrowers with no previous record of late mortgage payments can expect to see their scores drop anywhere from 50 to 100 points if their mortgage company reports that they have been 30 days late with their mortgage payment. FICO® scores range from 300-850®, and most people score in the 600s and 700s (the higher the score, the better that persons credit rating is).

If you have become delinquent on your mortgage and made your payments, this will be reported based on your level of delinquency. Such as: late 30 days, 60 days, 90 days, etc. Likewise, a foreclosure, which will have involved many missed payments, will have a severe damaging impact to your credit and may take several years (as many as seven-ten years) for your credit and scores to fully recover and for this item to be removed from your credit history.

The options we have discussed above may all affect your credit score negatively. These include reducing your payments, changing the terms of your mortgage, or allowing you to avoid foreclosure. How that affects your score depends on what is being reported, such as any actions being taken, any late payments reported, etc., as well as on your overall credit profile.

We do not discuss credit, however we can talk with you about your options for selling your house.

For information about selling your house call us NOW at 813-922-1770

Or fill out the to send us information about your house.

To find out how each option may affect your credit score, ask your mortgage company for specific details.