Nearly five million American families lost their homes to foreclosure between 2007 and 2014. Foreclosures can have a negative impact on your credit score, but that doesn’t disqualify you from purchasing a home, again. Events such as foreclosure can stay on your credit report for up to seven years, but if you stay financially responsible after foreclosure, you can obtain another mortgage in seven years or less.
Homeowners who lost their homes in the early years of the housing crisis are starting to see the black marks erased from their credit reports, improving their chances of owning a home. Fair Isaac Corp., the developer of FICO credit scores estimated there were 910,000 homeowners who had foreclosure proceedings filed against them, between October 2007 and October 2008. Of those consumers, approximately 264,400 had the foreclosure erased from their credit reports by October 2014.
Some of the larger mortgage lenders, such as Bank of America Corp. and J.P. Morgan Chase & Co., are still hesitant to lend to borrowers who have a foreclosure on their credit report. Many of the large lenders were hit hardest with mortgage-related penalties and have since implemented tougher credit requirements on borrowers.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.