By the time the bank takes back your property, your credit could be on life support. A short-sale still impacts your score, but not nearly as much as a default or foreclosure. Bad credit affects rates when you’re looking to buy a car, raise your insurance rates, and can hurt your chances of finding a rental.
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These solutions represent a portion of what our foreclosure specialists can do for you to help you stop foreclosure in Florida. We help you avoid foreclosure by doing two things very well. The first is that we help educate you on all of your options to make you a smarter homeowner when battling your bank or mortgage lender.
Our program is unique as it allows people who would not qualify for traditional home financing due to a short sale, foreclosure, or credit issues to select the home they would like to buy at some point, have our investor purchase it, and have a long-term lease with the option to purchase WITHOUT having to make the typical large, non-refundable option payment.
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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?
IF YOU OR YOUR CLIENT(S) ARE IN FORECLOSURE AND HAVE SOLD OR ARE ATTEMPTING TO SHORT SALE YOUR PROPERTY: When property is sold in a short sale, the bank is required to release the mortgage and dismiss any foreclosure action it has filed against the property. It has come to our attention that some foreclosure.
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.