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How Bad Will Foreclosure Hurt My Credit?

Posted last October 12, 2009, 6:55 pm in Services report article

A foreclosure will virtually destroy your credit which is why you should avoid it any way that you can. There are so many things you can do to avoid foreclosure and some are listed below;

For instance, you can make arrangements with your lender so that you can sell the house on a "short sale" where your lender agrees to take whatever the house will sell for and then you would get a "release of mortgage" to record at your county recorder's office to show the termination of your mortgage.

You will need to have a Realtor help you do this as it is not easy at all. To do a short sale, typically the lender will want you to have the property on the market for at least 90 days before they will consider giving you a "Deed in Lieu of Foreclosure," following the short sale.

Under certain hardship circumstances you can work out a "Deed in Lieu of Foreclosure" with your lender where you give it back to them. Clearly they do not want properties back in these hard economic times but there again, you may have a good reason to go in this direction.

You should contact a real estate attorney and find out if you have a "Right of Redemption" on your mortgage which will give you up to a year to get caught up on your mortgage.

You have some potential solutions. When you default on your mortgage payments and go into foreclosure, you will not be able to buy another house for at least 4 years or more. So, in order to protect the roof over your and your family's heads you must always pay your mortgage first even if it means not paying someone else such as credit cards.

By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.

Hector Milla runs the Stop Foreclosure Loans website, where you can get immediate assistance from professionals serving your state. We have done all the hard work for you and selected the best 3 rated stop foreclosure services.

Read our full reviews of those services, plus hundreds of articles and video training about how to stop foreclose and the best way to do a loan modification in order to stop a foreclosing proceeding.