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If you or someone you know is headed for foreclosure, you might be wondering how this will change your credit score. A recent article from CNNMoney.com breaks it down like this: 30 days late: 40 - 110 points; 90 days late: 70 - 135 points; Foreclosure, short sale or deed-in-lieu: 85 - 160; Bankruptcy: 130 - 240... However, this may not be the case for everyone. For example, I know of someone who lost their home to foreclosure about 2 years ago. This person always paid their bills on time, and had a decent credit score of around 700-730. Until they lost their job (at this time their home was also up for sale and under contract as a "short sale", but the bank would not approve it). At that point they decided to let the house go, since the mortgage was too much to keep up with, but kept paying all of the other bills on time, such as car loans and credit cards. This helped tremendously. Just a couple months after the foreclosure had finalized, this individual was able to land a well-paying new job, lease a new car, rent a home, and maintain a credit score of about 690. Unfortunately, they will not be able to obtain a new home loan for another year, but just so you know, there is still hope after foreclosure. Note: Don’t stop paying your bills because you think a foreclosure will ruin your credit.
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"Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday." CNNMoney.com
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NEW YORK (CNNMoney.com) -- Despite signs that the real estate market might be lurching forward, prices are expected to fall further this year and next. The average home price in the United States will fall by about 6% by September 2011, according to a joint report between Fiserv and Moody's Economy.com. And that's after plunging more than 27% in the past three years.
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