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Once a foreclosure is completed, a negative record is on your credit history where it can remain for up to 10 years. Typically, your credit score will nosedive between 200 and 300 points! This derogatory record can affect everything from obtaining future loans to rates for insurance premiums, even eligibility for employment.

Walking away from a financial burden may seem like the easiest course of action but it isn’t. Take every step possible to avoid a foreclosure on your home or property so that you aren’t shackled with credit problems for years to come. Let ApartmentStores Moving and Relocation introduce you to resources that may help you through this difficult time.

Sell The House –If you simply cannot afford to make payments, this may be your best option.  Contact a qualified realtor as soon as possible to get your house on the market.  Finding a realtor through ApartmentStores means finding someone who works FOR you and WITH you to achieve the best outcome possible.  You may need to sell your home for less than it is worth but a short sale has a far less damaging affect on your credit report than a foreclosure.  Expect to lose between 80-100 points on your credit score.

Refinance – Perhaps your current loan has a high interest rate and, therefore, a steep monthly payment.  You may be able to solve your problem simply by refinancing your debt at a lower interest rate.  Find deals from lenders in your area.

Debt Consolidation –If your financial setback is temporary, a debt consolidation loan may be a solution to reduce monthly payments while taking care of credit obligations.  Research lenders in your area.

While you’re considering options to save your home and your credit report, do you KNOW what’s in your credit file?  Do you understand the basics of credit reporting and your rights?  ApartmentStores Moving and Relocation can provide you with the basics of credit files and the three major credit reporting agencies:  Equifax, Experian and Trans-Union.

Other options to consider are:

Deed-in-Lieu of Foreclosure –You transfer the deed to your property to the lender in lieu of foreclosure.  You’ll still lose your house but avoid the consequences associated with foreclosure.

Mortgage Modification - The lender could extend the years of the loan or reduce the interest in order to make the monthly payments more affordable.

Partial Claim - Your lender may be able to work with you to obtain a one-time payment from the insurance fund to bring your mortgage current.

Special Forbearance PlansYour lender may provide for a temporary reduction or suspension of your payments if you have experienced a reduction in income or increase in living expenses.

You may also want to contact a HUD-approved housing counseling agency that can help you interact with your lender and develop solutions to best fit your needs.

Foreclosure is commonly misspelled as Forclosure.

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