If you're facing a foreclosure, it might feel like you don't have a lot of options. Luckily there are steps you can take to fight a foreclosure. If the foreclosure can't be verified or is inaccurate, the easiest option is to dispute it. While can dispute errors yourself, teaming up w/a credit repair expert like Credit Glory makes it simple.
Can you defend yourself against a foreclosure?
While facing foreclosure is scary (& stressful), you can take steps to defend yourself against it. Defending yourself against foreclosure doesn't only protect your home — it protects your credit too. How?
Foreclosures are bad news for your credit score. They can drop it by over 100 points & stay on for 7 years. This hurts your chances of qualifying for loans (& lower interest rates) in the future. So what can you do?
What can you do to stop a foreclosure?
Nobody wants to deal with foreclosure. Fortunately, you do have options. If you're facing a foreclosure, here are some of the steps you can take.
- Modify your mortgage - In the lead up to auctioning your home, many lenders are willing to work out a deal that gets you back on track w/your mortgage. You can negotiate a more favorable plan that helps you avoid foreclosure.
- Deed in lieu - A deed in lieu means you voluntarily transfer the deed of your home back to the lender. Be aware lenders may be hesitant because of possible liability risks.
- File for bankruptcy - While bankruptcy is a last resort, it does stop creditors from collecting on debts. However, you're still left with the debt.
- Dispute the foreclosure - While you can't dispute accurate foreclosures, you can dispute them if they can't be verified. This not only removes the negative mark but also boosts your credit score.
Can you remove a foreclosure from your credit report?
While a verified foreclosure can't be removed from your credit report before the 7-year expiration date, you do have options. However, under certain circumstances, you can remove the foreclosure from your credit report.
- If the foreclosure is more than 7 years old - If you have a foreclosure on your credit report that's past the expiration date, you can request to have it removed. You can do this by writing a letter to credit bureaus providing evidence of why it should be removed.
- If the lender is out of business - If the bank listed on your credit report is no longer in business, it means credit bureaus can't confirm the foreclosure information. Unconfirmed foreclosures can be disputed and potentially removed.
- Check for errors on the credit listing - If a foreclosure appears on your credit report and you think it's inaccurate, be sure to check the listing. Verifying the foreclosure balance, dates on the account, account number, and lender help you determine whether you can dispute it.
- Partner with a credit repair professional - Identifying and disputing errors on your credit report yourself is challenging. An easier alternative is having a credit repair expert (like Credit Glory) do it for you.
Repair your credit yourself or w/help from a professional?
Foreclosures have a long-lasting effect on your credit. Luckily, you have options. You can check your credit report for errors and dispute them yourself — but this is hard (& time-consuming). The simplest way to dispute errors (& boost your score)? Working with a credit repair expert (like Credit Glory) is easier than DIY.
Start building better credit with help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Get Your Negative Items Professionally Removed
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 958-1271 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.