Can You Fix an Eviction or Foreclosure for Credit?
Best Answer:
If you are faced with an eviction or a foreclosure, there may be other courses of actions you can take to fix them and have them reversed. Depending on your current situation, you might have a chance to save your home from being taken away from you. The first thing you may want to do is take the time to talk to your lender/landlord. Try to get an understanding and possibly an agreement between the two of you. IF this doesn’t work in your favor, you can then talk about an extension on the payment plan agreement. Most lenders/landlords are willing to agree to these terms if you have not yet talked about them. Another course of action you can take is to hire a foreclosure negotiator, These people work to help you buy time and come to some sort of an agreement between you and your lender/landlord.
If you feel that there is a possibility that are being wrongly done, you can then find pro bono lawyers who are willing to fight in your favor to have your foreclosure or eviction over turned.
You don’t have to throw in the towel once faced with a foreclosure letter. There are many tools and options out there that will help you fix an eviction or foreclosure.
If you have had an eviction or foreclosure, this is going to bring down your credit score. However over a few years time, the item will be removed from your credit report. What you need to do during the time that it sits on your report is work to improve the rest of your credit score. Pay all of your monthly bills on time, and make sure that you only have three lines of credit open. Use those lines of credit responsibly, and always pay your bills on your credit cards each month. Taking out a small installment loan from your bank, and paying it back on time is a great way to improve your credit. Get your credit score as high as you can, and work hard to keep it high. Your credit is going to be damaged for some time from a foreclosure or an eviction, however you can fix your credit by having a high score when the items are removed.
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LikeDislikeWhen you have been involved in an eviction or foreclosure proceeding, you are going to find that there really is not much that you, as a debtor, can do to have it removed from your credit score. For an eviction or foreclosure to be removed, you are going to see that it will be removed from your credit reports after the 7 years statutes have elapsed, which is a time period set by federal statutes, before the eviction or foreclosure will be removed from the report. So, although it will remain on your report, there are other things that a debtor can do to increase their score a bit in the time being. They can make payments on other cards and bills, show that they are making steady payments on the current mortgage that they have, and make an overall effort to show that they are on time with all other bills that they currently have in their name.
Although these things are not going to increase their score much, and waiting the 7 years is the only way to have the eviction removed from the credit report, in turn raising the score, these small payments, and these steady payments on all their bills and current mortgage they own, are going to show that they are making a good faith effort, to keep up with their payments. So, although it will not increase their score too much, it is going to increase the score a bit while the eviction is still on their report.
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