One of the biggest questions we receive is about how foreclosures affect your credit.
We know that many people decide to go the route of hiring an attorney to represent them in a foreclosure defense. While we think this is a viable path to take, we know that at the end of the day, if you didn’t pay your mortgage and hired a lawyer and during that period didn’t pay your mortgage, you will be in foreclosure, and that will affect your credit report for 10 years.
How would a short sale affect your credit? From our experience, we have seen short sales affect your credit for 2 years. A short period of time considering.
Foreclosures affect your credit especially as it relates to future home ownership, renting an apartment if the landlord does a credit check on you, and employment, especially if you are seeking employment in a legal field such as law enforcement or becoming an attorney. It will also affect your ability to seek government employment or any other job that requires you are bondable.
So, foreclosure will negatively affect your credit for 10 years, while a negotiated agreement with the bank, which we can do for you, will stay on your books for about 2 years.
A foreclosure will give you bad credit, a short sale will reduce the time of your bad credit by 80%.
Don’t let the bank foreclose on you. We will negotiate the short sale, reduce your debt with the bank, and hire a lawyer on your behalf against a real estate brokerage contract where the bank will pay all of your seller costs.
Call or Text 786-546-2778 (or WhatsApp)