Foreclosure

What is Foreclosure?

Foreclosure is a legal process wherein the lender tries to collect the remainder of a loan from a borrower. This usually occurs when the borrower has stopped making payments. The lender will collect the collateral used for the loan and have it for sale.

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How Does a Foreclosure Affect My Credit Score?

Having a foreclosure on your credit report can drop your score up to 160 points. Lenders assume that you are unable to pay them anymore since you have been late or not paid them before the legal process started. The effect of Foreclosure will get less severe as time goes by, but continue reading below to know if we can request the removal before the 7 year period ends.

You may be able to remove a Foreclosure from your credit report if:

01.
It has been more than
7 years.
02.
The lender has stopped doing business.
03.
If foreclosure is a voluntary dismissal.
04.
Lack of or inaccurate available records.

Steps to Remove a Foreclosure from your credit report.

Step 1: Find Errors On Your
Credit Report.

Regularly check your credit reports from the 3 bureaus. This is important to keep track to review if there are questionable items listed on your credit report.

Step 2: Write to the
Lender

If there are inaccurate items listed, contact both your lender and the bureaus. Make sure your letters are detailed and should inform them of all errors.

Step 3: Consider
Professional Help

If you are pressed with time and confused with what steps to follow, we highly suggest you seek assistance from credit repair companies such as Kin Credit Repair.

How Long Does it Take for a Foreclosure to Come Off Your Credit Report?

A foreclosure can stay on your credit report up to 7 years or more. This is a long time and can definitely affect your ability to own another house. Other than that, your credit score will also suffer which can influence your application for other services or properties that requires a credit check.

Removing Foreclosure With a Credit Repair Company:

There are pros and cons in almost all decisions that we make daily. In joining a credit repair company to fix your credit score, we can guarantee that the pros outweigh the cons. Some of the benefits you will have is you will be saving more money and time. Also, you can get a higher chance of getting the negative items, especially foreclosure, removed. Here in Kin Credit Repair, we treat our clients as our family. Sign up the online form now or contact us so we can help you achieve a better future.

If you are the type of person who would rather have a professional handle it and just be done with the whole thing, we encourage you to speak to our credit repair experts.

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