With approximately one in five homeowners “underwater” – owing more on their home than it is currently worth – some homeowners are deciding to walk away from their house and the mortgage, often resulting in the lender foreclosing on the property.

• A foreclosure is considered one the most serious defaults on a credit history, in the same category as a bankruptcy or a tax lien.
• According to a spokesman for Fair Isaac Corp., which developed FICO, the nation’s most widely used credit scoring system, for a borrower with pristine credit, a foreclosure could mean an immediate drop of 200 points.
• With an unfavorable credit score, a borrower may find it difficult to rent an apartment, secure certain jobs, obtain lines of credit, and purchase a house for years to come.

Are there alternatives to foreclosure? Definitely. Here are a few:
-Loan modification, Short Sale, Deed in Lieu.

If you need help with finding the most appropriate option for you, call us. We can help.

CALL TOLL-FREE 1-800-474-0341.