A foreclosure is a huge mark to a credit score. Under Fannie Mae guidelines, a borrower will not qualify for a loan for at least five years, and probably seven years. FICO is an abbreviation for Fair Isaac Corporation and refers to a person’s credit score based on credit history. Lenders use the number to decide if the person is likely to pay his or her bills. A credit score is usually between 300 and 850. A credit rating where the FICO score is 660 or above means there have been no late mortgage payments within a 12-month period. This is the best credit rating to have when entering into a new loan.
Avoid a Foreclosure --- A foreclosure is a catastrophic event for any property owner and has serious legal, credit and tax implications. Working with homeowners on the verge of foreclosure or in the foreclosure process is challenging for all parties involved. However, as REALTORS® we can provide expert assistance during this difficult time.
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