Facing Mortgage Foreclosure. If you are a home owner and have fallen behind on your mortgage payments, you are not alone. If you are faced with mortgage default or foreclosure, arm yourself with information, ask for help, and take decisive action to protect your interests.
Bruce Asks: Dear Gina, I have a bad credit mortgage and my interest rate is going to over 10%. I always planned to clean up my credit and refinance but now my home is worth less than my mortgage balance. I can’t refinance, but I won’t be able to make the payment either. Will my lender approve a short sale or do I have to miss a few payments first?
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If you save your lender money by avoiding a foreclosure, you might be eligible for moving assistance. The Home Affordable Foreclosure Alternatives Program, for instance, gives borrowers $10,000 in moving money after a short sale or deed in lieu of foreclosure. The program expires at the end of 2016.
12. If you don’t file and the sale has occurred, you have 10 days to vacate before the eviction. Call Us For Answers. We offer services for short sales and preventing foreclosure in communities throughout central florida. contact us today to arrange a free initial consultation. We are a debt relief agency.
A foreclosure dramatically affects your credit score. Fair Isaac, the company that created fico (credit) scores, drops credit scores from 85 points to 160 points after a foreclosure or short sale. The amount of the drop depends on other factors, such as previous credit score.
A) Yes, the short sale will be reflected on your credit report and will result in a reduction of your credit rating. However a short sale has less impact than a foreclosure would and as long as you continue to fulfill your other credit obligations in a timely manner, recovery from the short sale could be as little as 1 to 2 years as opposed to.