How Foreclosure Affects Your Credit in Pennsylvania
Philadelphia Foreclosure Lawyer
The affect that
foreclosure will have on your credit rating is a key issue to consider if you have
fallen behind on your mortgage payments and are at risk of losing your
home through foreclosure. This is one of many negative consequences that
foreclosure may have, and it is crucial that you get accurate information
in order to make the right choices about potentially
fighting foreclosure and saving your home.
As a
Philadelphia foreclosure defense lawyer with
more than 20 years of legal experience, I have always been driven by the desire to help people. Foreclosure defense
is one of the ways that I have dedicated my legal career to helping those in need.
Fight Foreclosure in Pennsylvania
The specific impact foreclosure may have on your credit will vary, and
credit bureaus have been unsurprisingly tightlipped about just how much
of an impact mortgage delinquency and foreclosure may have. Last year,
Fair Issac Corporation (FICO) released some helpful information regarding
this topic. Some of the average hits that your credit may take are as follows:
-
30 days late on mortgage payment - 40 to 110 points
-
90 days late - 70 to 135 points
-
Foreclosure, short sale or deed in lieu - 85 to 160 points
There are a number of variables that will affect how much any specific
delinquency will affect a debtor's credit score, so it is difficult
to say how much yours would be affected without conducting a complete
analysis. However, you can be guaranteed that your credit will take a
major hit. This is particularly true for borrowers with particularly high
credit ratings, as a single blemish may have far more of an impact on
a score of 800 as opposed to a score around 500.
Credit Ratings & Your Life
Our credit rating is extremely important, especially to those individuals
who have worked very hard to build a high credit score. With today's
unemployment and the unsteady housing market, it's impossible for
everyone to control what happens to them financially all the time. For
those who can't afford their mortgage payments any longer, they have
some critical decisions to make. If you are in this situation, speaking
to a qualified attorney who is well-versed in Pennsylvania real estate
laws will be your greatest line of defense.
I understand the stress and anxiety that you are going through right now
and I know how important your credit is to your survival. After we discuss
the details of your case, we can decide upon a course of action that will
be the most beneficial to you considering your unique set of circumstances.
If stopping foreclosure is a possibility, I will let you know. There is
no comparison to the peace of mind you can get from speaking to an attorney
who knows the foreclosure process inside and out.
Don't let foreclosure negatively affect your credit.
Contact a Philadelphia foreclosure attorney who can protect your rights and help you resolve this serious matter.
My firm handles cases in Upper Darby, King of Prussia, Downingtown, Media,
Doylestown, Phoenixville, Chester, Lansdale, Norristown, Royersford, Havertown,
Plymouth Meeting, Douglasville, Exeter, Newtown, Exton, Lansdowne, West
Chester, Reading, Collegeville, New Hope, Springs, Coatesville, Chester
Burkesville and Birdsboro and throughout Philadelphia County, Montgomery
County, Chester County, Lancaster County, Bucks County and the surrounding
areas in Southeastern Philadelphia.