Many homeowners wonder what effect a mortgage delinquency (late payment), a short sale, or a foreclosure has on their credit. Many people just assume that their credit is ruined if they run into mortgage problems. Recent research reveals that their is a significant difference between between the type of delinquency a homeowner receives on their credit report and the number of years it takes to fully restore their FICO score.
The research revealed that the starting credit score plays a big role in the amount of time it takes to restore the credit. The higher the starting credit score, the longer it takes for the consumer to fully recover the score.
If your credit has been negatively impacted by a foreclosure, short sale, or other mortgage delinquency on your credit profile, or if you are concerned that you may soon experience difficulty paying your mortgage, contact HSC to learn about the many government and private programs that are available today.
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