Posted on: 30th Sep, 2008 06:09 pm
Hi,
After foreclosure, what are the best ways to repair my credit history? What are the best ways to regain the largest points after a foreclosure and how long will it take to get back to at least 600? I've had good credit history before foreclosure and have paid everthing else I've had on time. I've drastically hurt my credit b/c of the foreclosure and am desparate to get it back to good standing.
Please help.
Thanks,
CC
After foreclosure, what are the best ways to repair my credit history? What are the best ways to regain the largest points after a foreclosure and how long will it take to get back to at least 600? I've had good credit history before foreclosure and have paid everthing else I've had on time. I've drastically hurt my credit b/c of the foreclosure and am desparate to get it back to good standing.
Please help.
Thanks,
CC
Welcome aljuno,
If your property has been foreclosed by the lender, then the sale price would be used to pay off the loans. If there is a deficient amount, then you would be responsible for paying it off. A foreclosure will reduce your credit score by 250 points. However, you can take steps to rebuild your credit score. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
If your property has been foreclosed by the lender, then the sale price would be used to pay off the loans. If there is a deficient amount, then you would be responsible for paying it off. A foreclosure will reduce your credit score by 250 points. However, you can take steps to rebuild your credit score. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
I just finished a foreclosure, with the sherrif sale on 6/11. I haven't paid a dime since last Oct.
Currently in Redemption period waiting for the cash for keys after the redemption (typically $2,500 - 3,000 as I understand it) so they don't have to pay a lawyer to evict me.
My credit has been around 800 for at least 10-15 years . I have kept up payments on all other accounts (credit cards utilities, etc.).
So I just ran my experian report and score today, expecting to be in the 500s (assuming this 250 drop), but to my surprise, even though it indicates my mtg acct. closed with foreclosure, my score is 694. Am I missing something here? I really expected much worse. Should I expect the other credit agency scores to be much different?
Currently in Redemption period waiting for the cash for keys after the redemption (typically $2,500 - 3,000 as I understand it) so they don't have to pay a lawyer to evict me.
My credit has been around 800 for at least 10-15 years . I have kept up payments on all other accounts (credit cards utilities, etc.).
So I just ran my experian report and score today, expecting to be in the 500s (assuming this 250 drop), but to my surprise, even though it indicates my mtg acct. closed with foreclosure, my score is 694. Am I missing something here? I really expected much worse. Should I expect the other credit agency scores to be much different?
Hi BRIAN,
A hit on your credit score will depend upon various factors. It will depend upon your other negative items as well. In your case, may be the other negative items were less in number and thus your credit score had not taken a 250 points drop.
A hit on your credit score will depend upon various factors. It will depend upon your other negative items as well. In your case, may be the other negative items were less in number and thus your credit score had not taken a 250 points drop.
First let me say I'm thankful to have found this site. Whenever I finally get a chance to work it around my new job's scheudule (thank heavens for work) I'd like to scan the whole site and see if I can be of any help to others, too.
But for the moment, can't do it. That said, I have another question to ask and hope I'm not being overtaxing to the group. Back in 2006 I was out of a job and my hubby's hours were cut. We could not pay the mortgage. What we ended up having to do was have the foreclosure proceedings start so we could get the funds from his 401K. This worked and we are still in our home to this date. However at the exact same time we had to do this, our original mortgage company was selling our mortgage to another larger company. Now the last entry listed by the original mortgage companyis the beginning of foreclosure proceedings. It shows as a negative on our report. However, if you check the new mortgage lender we are listed as never being late, paid as s agreed. Should I contact the original mortgage company and ask them to make a note in my file that a forelosure never occured, or should I just do that myself? Help
But for the moment, can't do it. That said, I have another question to ask and hope I'm not being overtaxing to the group. Back in 2006 I was out of a job and my hubby's hours were cut. We could not pay the mortgage. What we ended up having to do was have the foreclosure proceedings start so we could get the funds from his 401K. This worked and we are still in our home to this date. However at the exact same time we had to do this, our original mortgage company was selling our mortgage to another larger company. Now the last entry listed by the original mortgage companyis the beginning of foreclosure proceedings. It shows as a negative on our report. However, if you check the new mortgage lender we are listed as never being late, paid as s agreed. Should I contact the original mortgage company and ask them to make a note in my file that a forelosure never occured, or should I just do that myself? Help
Hi Anon!
Welcome to forums!
You can contact your earlier lender and request them to rectify the listing in your credit report. If the lender is not ready to do the needful, then you should contact the credit bureau for the same.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact your earlier lender and request them to rectify the listing in your credit report. If the lender is not ready to do the needful, then you should contact the credit bureau for the same.
Feel free to ask if you've further queries.
Sussane
My credit was ruined by making one bad decision a year ago after 30 years of having a rating of 700 and above. My property will go into foreclosure next tuesday and I have already started to feel the results. Credit cards cut off, line of credit suspeded, credit rating down to 600 and dropping. But I am glad to read in some of the comments read there is life after this is over.
Glad I found this site today. I know the comments I read may not work vor me, but it's nice to at least hear there is life after foreclosure.
Glad I found this site today. I know the comments I read may not work vor me, but it's nice to at least hear there is life after foreclosure.
Hi stephanie,
It is true that life will not end with a foreclosure. Though a foreclosure will have a negative affect on your credit, if you take the right steps, you'll be able to improve your score and move on in life. You can check out my first post in this page to find a link to a page giving information regarding improvement of credit scores.
It is true that life will not end with a foreclosure. Though a foreclosure will have a negative affect on your credit, if you take the right steps, you'll be able to improve your score and move on in life. You can check out my first post in this page to find a link to a page giving information regarding improvement of credit scores.
i was scared to check my credit score...it had previously been 810 but i went thru a divorce and my house was foreclosed feb 2010...also a second mortgage was "charged off" and sent to collections. a year later i finally got the nerve to check all 3 credit bureaus. my scores are 705 714 714...shocking? i have maintained all of my other debts...never once was late. i entertained the idea of bk to get the second off my back...but just couldn't qualify a chapter 7 and chapter 13 payments would be more than i currently pay. i am not sure why my scores are so high...but i am happy! however...when my credit gets ran the foreclosure shows and i got denied for discover card based on the foreclosure. i guess we take the good with the bad!
It's really good to note that your score did not get much affected.
welcome guest,
you can either go for a short sale or a deed in lieu of foreclosure. in both the cases, you won't be liable for paying the balance amount resulting from the sale of the property. it will depend upon the lender as to which option he would go for.
you can either go for a short sale or a deed in lieu of foreclosure. in both the cases, you won't be liable for paying the balance amount resulting from the sale of the property. it will depend upon the lender as to which option he would go for.
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