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.If you're grappling with mortgage payment issues, falling seriously behind, or facing foreclosure, understanding the credit impact of various scenarios is crucial. Whether it's bankruptcy, foreclosure, a short sale, or a loan modification, each option can affect your credit scores. In these challenging times, consider Trusted Home Offer as a valuable resource to help go over all the options available.
How FICO Credit Scores Operate Your FICO credit score is a numerical prediction of your likelihood to default on payment obligations. FICO uses factors like payment history, outstanding debt, length of credit history, new credit, and types of credit in use to determine your scores, which range from 300 to 850. Factors Considered by FICO
FICO Mortgage ScoreIn addition to the standard factors, the FICO Mortgage Score may consider child support payments, payday loans, public records, and rental payments. Duration of Negative Items on Credit Reports Bankruptcies stay on your report for seven or ten years, depending on the situation. Other negative items like foreclosures, short sales, and loan modifications remain for seven years. Impact on Credit Scores
How Lenders Report Modifications Lenders may report modifications as "paying under a partial payment agreement," negatively affecting credit scores. However, reporting it as "paid as agreed" won't harm FICO scores. Post-Modification Credit Score Improvement Upon a permanent modification, timely payments under the new agreement should improve scores. However, past delinquencies remain on credit reports. Predicting Credit Score Impact Exact credit score damage is challenging to predict due to evolving credit scoring systems, varying criteria among creditors, and economic influences. Seeking Guidance While credit scores are vital, they're just one aspect to consider. For informed decisions on bankruptcy, loan modification, or foreclosure, consult with professionals, like Trusted Home Offer to discuss all your options. Trusted Home Offer helps guide you to avoid foreclosure. Trusted Home Offer: Your Partner in Preserving Homeownership In the face of challenging mortgage situations, Trusted Home Offer emerges as a supportive resource. Explore your options, weigh the pros and cons, and consider seeking professional guidance to make informed decisions tailored to your circumstances. Reaching out to Trusted Home Offer, a trusted resource, can provide insight on ways to avoid foreclosure. We may or may not be the best option for you. We’ll give you resources and you can decide. We can be reached at 208-919-9579 or by email at [email protected]. Find us online at thoffers.com. Would you like to understand your options in greater detail? Trusted Home Offer has been helping families with these situations for decades. We are a family run business and we are here to help to bring clarity. If we aren’t your best resource, we will point you in a better direction. We don’t charge any upfront fees. Reach out to Trusted Home Offer at 208-919-9579 or by email at [email protected]. Find us online at thoffers.com.
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