Chapter Seven Bankruptcy - How Foreclosure Bankruptcy Can Affect Your Credit

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It is extremely important that you try to avoid foreclosure bankruptcy, as this can really ruin your credit history for many years to come. Most people are not completely aware of the impact of a past-due mortgage payment, but in most cases, the lender will be notified and your past due payments will show on your credit record. This in turn can prevent you from getting any type of credit for the next 10 years or more. That is how damaging and important foreclosure filing is for your future credit standing. To learn more about foreclosure options available for you, contact https://engstromlawnc.com/ NY law firm. 

There are some very useful and good resources available on the Internet that will help you with your mortgage payments. These services are typically free, and most of them will also work on your loan agreement and ensure that you don't fall back into default with your mortgage company. Most of these services will also help you negotiate with your mortgage company to reduce the number of late mortgage payments that will result in default. This reduction will then hopefully reduce the number of future payments that you will have to make. There are a few things to take into consideration when using these services, however.

It is important to remember that filing for bankruptcy is a huge step and should be considered only as a last resort. If you feel that you cannot make your current payments on your current home and fear foreclosure is looming over your head, then you should contact an experienced bankruptcy lawyer to discuss your options. Although filing for Chapter 7 bankruptcy is very serious, it is also the easiest form of foreclosure to get through, which is why many homeowners choose to file for it first rather than trying to save their home with other methods.

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