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How much does a foreclosure lower your credit score?

Can you stop foreclosure, recently got a new job but too far behind to catch up. My credit score is ruined.

  • 7 months behind, foreclosure process hasn't started yet...

  • Answer:

    Yes you can, the quickest way if you have the money to do so is, as Elbandito said, pay the amount that you owe, there are other avenues, sometimes you can do a loan modification and the amount you are in arrears is tacked on to the end of the loan, you can also file a chapter 13 bankruptcy if you have a good income and pay the amount you are behind in the plan while making your regular monthly payments on time .....sometimes the mortgage company will work with you if you call and speak with them and explain how and why you got behind ....you could also talk to a real estate agent about a short sale ..sometimes you can sell the home for the amount that you owe and that way there is no foreclosure on your credit report, but you no longer own your home ...I would suggest you speak with an attorney ..one who either handles real estate or a bankruptcy attorney. Good luck ...

Vanitee at Amazon Askville Visit the source

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Other answers

Yes. Pay the amount you owe.

ElBanditoRoso

In this case the woman paid and they refused to cash herr check: "Main Page | US Markets ยป Residential Real Estate HOA Foreclosures; Necessary Tool or Extortion Racket? Posted by Keith Jurow 07/28/10 8:00 AM EST In 2000, an 81-year old widow named Wenonah Blevins had fallen behind by $814.50 on homeowners association (HOA) assessments in her Houston, TX subdivision. Without her knowledge, the homeowners association (HOA) foreclosed the lien on her property, then sold her $150,000 home for $5,000 the following April. How could this happen? The annual HOA dues were $400. Because she was two years in arrears, Ms. Blevins dropped off a check for $800 to the Association in August 2000. Because the HOA had already begun legal proceedings against her, it did not cash the check. Although the HOA tried to serve the required legal process on her, this was apparently always attempted after 7 PM when Ms. Blevins refused to open the door for fear of prowlers.

Gary4books

Your question asks "can you stop foreclosure" and your details say "foreclosure process hasn't started yet" so I'm a bit confused. If the process hasn't started yet, then make a mortgage payment immediately, also contact the bank or mortgage company and let them know your situation has changed and you would like to have a loan modification of your mortgage. If you owe more than the home is worth it's in their best interest to do so. The link below has some information on a Government Loan Modification Program that may help you. Good luck with this and your new job. Hope it works out for you. Peace, BosM

BosM

I was unemployed, filed ch.7, got behind on payments. Now employed but too far behind. Is it possible to get past due payments put on the back end of loan?

Vanitee

Just tell me why nobody else bid and this person bought her house for $5,000. That was a crime in itself - in my opinion.

Gary4books

"Is it possible to get past due payments put on the back end of loan? " Lots of possibilities. But you have to ask your lender for answers. Not us.

Gary4books

Fix this problem and your credit score will be OK.

Gary4books

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