Florida Loan Modifications has been serving families like yourself for more than 25 years. We serve loan modifications to clients locally here in Florida and Nationwide. Please use this site as a resource to learn more about loan modifications and how they can help your family save your home from foreclosure.
If you are at risk of foreclosure, or are currently being foreclosed, you need to be prepared to start taking steps to repair or fix your credit after the foreclosure proceedings are final.
A foreclosure is going to put a note on your credit history which stays for at least 7 years, seriously impacting your ability to get a credit card, rent an apartment or find another home.
How To Fix Your Credit After Foreclosure
The first steps in fixing your credit are identifying exactly what caused the foreclosure. Did you buy a house you couldn’t afford? Did you lose your job?
Depending on whether or not the foreclosure was a result of overspending or simply as a matter of bad luck, combined with this horrible economy, your understanding of how you got into this financial picture is the only way to prevent it from happening again in the future.
To ensure that your credit is able to be fixed going forward, you need to make sure to pay all of your bills on time going forward. To ensure you can build up your credit profile again, you need to make sure you don’t miss any future debt payments whether it be on a credit card, car loan or even a layaway account at a retail store.
You should also make a financial plan that gives you a 7 year plan to help you get yourself back on your feet, both emotionally and financially, especially when it comes to being able to buy a home again.
One of the last steps you’ll want to take is to start building up a debt profile again. So that means get a credit card, and start paying the balance in full every month. You should start small, and only put purchases on the card that you can afford to pay for.
These small steps will show the creditors that you are a worthy lender and thus help build up your FICO score again. So if you have your mortgage foreclosed, there are steps you can take to repair your credit even after your home is taken from you.
