As well as Rent to own programs we will guide you to a reputable credit repair company that will work diligently to remove bad credit lines and get your credit back to lending standards.
The Fair Credit Reporting Act explicitly states that you can take your credit matters into your own hands, without the aid of expensive lawyers or our competitors.
Like bankruptcy, foreclosure on your credit report remains for seven years and can be a major hindrance to finding other sources of credit! Credit cards, a car loan, or another mortgage–a foreclosure can have a serious impact on your life. With this in mind, it is important that you do all you can to stop a foreclosure. Starting Point Home Solutions has helped hundreds of local families stave off foreclosure, and begin rebuilding, or even improving, their credit scores!
Your credit report is the single biggest thing many lenders look at when making a decision about allowing you to borrow money. Therefore, we want to keep it as clean as possible! By taking care of other obligations you might have, Starting Point Home Solutions can help solidify the impression that you are a responsible borrower to future creditors.
When Can I Buy Again?
Being foreclosed upon may seem like the end of the world; however, it’s not! If a foreclosure ends in you losing your home, you will have that fact stated on your credit report for seven years. If you have aspirations of buying a home during this period, you may run into problems. Therefore, it’s important to contact Starting Point Home Solutions to begin controlling the foreclosure process, possibly allowing us to help you avoid it all together.
Buying a new home during the next seven years may take a bit of work, and Starting Point Home Solutions experts can offer advice on how to approach this situation, too. You might be subject to higher interest rates, or even a mortgage with an adjustable rate; yet, there are options for you. First, let Starting Point Home Solutions assist in trying to avoid this fate and keep the home you currently own. Call (636) 573-1200 to discuss your options with a Starting Point Home Solutions real estate professional.
How Will My Credit Be Affected?
As stated above, a foreclosure appears on your credit report for seven years. A short sale will also appear on your credit report. So, which one of these is the better option? They both act adversely in relation to your overall credit score, making it more difficult to secure credit in the future. Lenders interpret this as a signal that you did not pay the full amount that was owed to your creditors. Still, a short sale that settles your debt in full makes lenders aware of the fact that you put the effort in to pay your mortgage off.
Our goal is to keep you in your home; however, if the worse happens and you’re forced to sell or leave your home we can assist you. Contact our real estate experts to determine the best course of action in stabilizing, then rebuilding your credit score and bank accounts.
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