Posted on: 31st Mar, 2007 12:10 pm
will it affect my credit score if property goes into foreclosure? I am not able to make payments last 2 month and fear lender will start foreclosure, can something be done to stop it
"will it affect my credit score if property goes into foreclosure?"
A foreclosure does have a very bad effect on credit score and your future ability to borrow will be affected. You should try to avoid foreclosure.
A foreclosure does have a very bad effect on credit score and your future ability to borrow will be affected. You should try to avoid foreclosure.
hi harwood,
you should immediately contact your lender and explain the financial difficulty. there are many ways which can help you avoid foreclosure.
a forbearance plan or reinstatement program can be developed so that you make continue with the payments. please read about the loss mitigation options which are available to you by which foreclosure can be avoided from this page - http://www.mortgagefit.com/loss-mitigation.html
miller
you should immediately contact your lender and explain the financial difficulty. there are many ways which can help you avoid foreclosure.
a forbearance plan or reinstatement program can be developed so that you make continue with the payments. please read about the loss mitigation options which are available to you by which foreclosure can be avoided from this page - http://www.mortgagefit.com/loss-mitigation.html
miller
Earlier you contact lender about the financial difficulty you have the better. More you delay options to save the house will be lesser.
Lenders are not doing business of taking back properties through foreclosures, there are more inclined to get their loan repaid. If they see that some kind of repayment plan will allow you to continue the mortgage, they will also select that option instead of foreclosing.
Lenders are not doing business of taking back properties through foreclosures, there are more inclined to get their loan repaid. If they see that some kind of repayment plan will allow you to continue the mortgage, they will also select that option instead of foreclosing.