If you have received a Notice of default (NOD), foreclosure proceedings have begun. The customary way to receive the notice is by postal mail. The notice may contain such information as the original principal amount, the full outstanding balance due, any interest and fees accrued, and some warning that your lender will instruct legal counsel to commence legal proceedings against you which will add additional legal fees. Don't be alarmed, however, you need to be concerned about this. You knew it was coming and now it is time to take the next step. For the best possible results to come out of this you must be honest with yourself. It has been said that we really are the product of our actions. And we must make good choices in order to have profitable outcomes in our life. You have two choices after foreclosure proceedings have begun; you can do something about it that may save your home and your credit. Or you can do nothing about it, in which case foreclosure will occur. The choice is yours… and so is the outcome. With your credit already having been hit with a 30, 60 and 90 day late status, keeping foreclosure off your credit report is key to your timely financial recovery. Contact Us Now.

Have you missed several mortgage payments? Can’t make ends meet. Death, Divorce, Job Loss, and Excessive Debt due to Medical bills… etc. can all lead to financial difficulties that can end in Foreclosure or Bankruptcy. Many good people find themselves in bad financial situations. Even when it is no fault of there own. If you have missed several mortgage payments, don’t despair. Your road to recovery begins here. By knowing your options you can begin the process of rebuilding your financial stability.

First and foremost… it governs your financial future. Your Credit scores can determine such things as the amount you pay for auto and homeowner’s insurance, the interest rate on your credit card, the loan type and terms of your next mortgage, and whether an employer will hire you for that great job you have been looking for. Keeping foreclosure off your credit report is first and foremost in order to help you progress your financial future in a timely manner. If foreclosure becomes a part of your credit report it can affect you for the rest of your life.

First, if foreclosure becomes a reality it will be on your credit report for 7 years. However, the fact that the evidence of a foreclosure can be removed from your credit report after 7 years does not erase the fact that you have had a foreclosure. The effects of a foreclosure will linger for the rest of your life. Case in point, have you ever looked at the Uniform Residential Loan Application, the application we all must fill out when we apply for a new mortgage loan, and noticed the one inconspicuous question at the bottom of the loan application for a new mortgage? In the Uniform Residential Loan Application also known as Fannie Mae Form 1003, the question is asked,

“Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?”

If you have ever had a foreclosure, given a property back to the bank, or had a judgment for non-payment of a mortgage you must answer yes to this question. This can and usually does have an affect on the interest rate and charges you pay to secure a future mortgage. And some financial institutions may not even consider giving you a loan. This can set you back financially for many years.

Fair Isaac developed a model for the different categories that make up your credit score. They are as follows.

Since the two highest rated categories make up the bulk of your credit score it is crucial to maintain a timely payment history and pay down those loans as quickly as possible. The following diagram is a graphical representation of the different categories that make up your credit score.

There are many credit repair services available today, however, the best credit repair begins and ends with you. There is no doubt that if you have received an NOD (Notice of Default ) from your mortgage lender, the foreclosure process has begun and your credit has been effected already do to late payments or non-payment on your mortgage. The clock is ticking. To keep foreclosure from affecting your credit worthiness any further you need to act now. You need someone with experience who can be your advocate and who will work with your lender to facilitate a viable solution.

Your first step is Foreclosure Prevention Services. Keeping foreclosure from affecting your credit report is the best action you can take right now. Taking action right now is truly the beginning to a new course in your financial future.

Don't despair and don't delay. If you need the help I will show you the way. Contact us now for a free no obligation consultation. Contact Us Now.

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