Losing your home to foreclosure auction is stressful (& scary). Luckily, you have options to stop it. So how do you rebuild your credit after a foreclosure? You can DIY but it's easier with help from a credit repair expert like Credit Glory.
What is foreclosure (& how does it hurt your credit)?
Falling behind on your mortgage isn't good, and if you fail to make payments you're likely facing foreclosure. This means creditors can seize your home and sell it to recover the remaining balance of the loan. It gets worse. Foreclosures sink your credit score as much as 100 points & they stay on for 7 years! Not good.
What you can do to stop a foreclosure auction
Having your home sold in foreclosure auction is stressful. Fortunately, you do have options. If you're facing an immediate foreclosure auction here are some ways you can stop it.
- 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 stuck with the debt.
What you can do to rebuild your credit after a foreclosure
Rebuilding your credit after a foreclosure is hard work. Luckily there are ways to minimize the impact of foreclosure and start repairing your credit.
- Monitor your credit - Keeping an eye on your credit is an essential step in rebuilding it. It helps you track any progress you make as well as helps you quickly identify any errors and inaccuracies.
- Verify information - According to the FTC, 20% of the population has at least one error on their credit report. Inaccurate negative marks hurt your score. That's why it's important to verify info on your report.
- Check your credit report for errors - Before you can dispute an error, you have to find it first. You can find common errors in personal info, account status, and balance & data mistakes.
- Dispute inaccuracies - Once you have found errors, you can dispute them. This means gathering evidence, writing a dispute letter to all 3 credit bureaus, & waiting.
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.
Build better credit today 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.
Call us at (855) 938-3044 or set up a consultation to get started, today!
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.