Home Foreclosures & Your Credit

Part of the Video Series House Foreclosure Tips

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How does a home foreclosure change your credit? Fin out in this free video. Learn real estate and mortgage tricks and the how to foreclose on a home.

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Home Foreclosures & Your Credit
Hi this is David Anderson on behalf of Expert Village talking about the foreclosure process, in particular number fifteen "What happens to my credit?". This is meant for discussion and not for legal advice. Please consult a attorney for legal advice. Most of all references are being made about a trustee foreclosure. You do not want to have foreclosure on your credit record. It will last for ten years and it is considered one of the worst hits that you can have on your credit record. Having foreclosure in bankruptcy is the worst one. A two punch that I can think of for your credit rating. Lenders would drop you from paper classification that says that you are at great risk and you get all the great deals and interest rates to sub prime saying that you are not a good risk client and you would pay for the consequences of not having good credit. A lot of lenders will not lend to you at all because of foreclosure and others will not lend you until/after two or four years or more. Then when they do decide to lend you, it will be for a higher cost for up to ten years after the foreclosure. The lender with whom you are in default with may choose not to decide to do business with you at all anymore. This is the reason I believe you should never let your home go to auction. There are many options that you can choose from and you can do so early in the process as you can to keep the fees down and the options open. This has been David Anderson on behalf of Expert Village talking about the foreclosure process in particular what happens to my credit.

About the Expert

Expert: David M. Andersen has been working in the Mortgage and Real Estate field for the last 7 years. He is both a Real Estate Broker and a Mortgage Loan Officer. Read More