Saving Your Credit when Facing Foreclosure
Jun 8th, 2008 by Realty Gallery
Saving Your Credit in the Face of Foreclosure
The market continues to have its hiccups. There was an article recently in the local paper and it said that there would 800 houses a month go into default in Temecula Valley upcoming for a while. That does make things seem a little bleak but we are hoping that people will take the step towards a short sale instead of a foreclosure. The benefits are so great considering what a foreclosure does to your credit.
We spoke to someone recently and she just stayed in the house, because she thought “well her credit was going to be damaged anyway, so let the bank take it.” She could have saved her credit score by about 200 points. We didn’t want didn’t tell her that after the fact as there was nothing that could be done to save her home as it already had gone to auction and it didn’t make sense to hae her feel worse. We just hope that those projected 800/month will realize that there are other options and learn about short sales
If you enjoyed this post, make sure you subscribe to my RSS feed!
Leave a Reply
You must be logged in to post a comment.