If you found that you don’t have a good credit score, you should probably prepare to pay for everything fully in cash. However if your credit score hasn’t been affected thus far, foreclosure can be a significant setback. If you want to avoid foreclosure in Seattle as well as a bad credit score, then you need to keep reading.
The Importance of Good Credit
One of the main reasons to keep credit score intact is that without a good credit score, you won’t be able to get any type of loan. It’s as simple as that. So, if you’re looking to buy a car or acquire a mortgage, you won’t be able to without good credit. Your entire credit is defined by your three-digit score and is critical for your financial life. A good credit score can make the difference to obtain a student loan for your kids to attend a high ranked university.
Even if you’re not looking to acquire a loan anytime soon, employers look at your credit score to judge responsibility and reliability. People with lousy credit suggest too many risks for companies. Your credit score can end up costing you one or numerous job opportunities. This is also a deal-breaker for insurance. They won’t be willing to offer any insurance packages to someone who seems to be a risky bet.
How does foreclosure affect your credit score? Let’s find out how you can avoid foreclosure in Seattle by using the services of a home burning company.
How Foreclosure Affects Your Credit
If you end up losing your home to foreclosure, you can expect a severe drop in your credit score. According to Fair Isaac Corporation (FICO), a foreclosure can drop your score by 100 points or more if you already have a good credit score. If you have an excellent credit score, it can lower your score by 160 points. So, we can say the higher your credit score, the higher the impact a foreclosure can and will have.
The primary issue is that restoring a credit score can be a long and stressful process. It can take up to three years of on-time payments, but it also depends on many different factors unique to each individual’s situation.
When Foreclosure Starts
Your lender is supposed to start reporting any 30 day late payments to your credit bureau. Usually, banks tend to wait 90 days before beginning foreclosure, but it depends on your bank’s policies. This means that once a foreclosure is completed, you can have several months of late payments accumulated. Your credit score can reflect four or more months of missing payments and dramatically impact your credit score.
Avoiding foreclosure means avoiding a significant setback not only in your financial life, but in life in general. It’s probably not too late to avoid being knocked down into a place where your credit score will limit your possibilities. You can still sell your house to a home buying company and obtain the cash you need to avoid foreclosure in Seattle.
Home buying companies are a reliable option to obtain cash in a short time. Home buyers can make you an offer in 24 hours and put money in your hands in as little as ten days.
When it comes to foreclosure, time is critical. That’s why it’s so beneficial that you can obtain liquidity without spending anything with a home buying company. With a home buyer like us, you can skip third parties and multiple steps that make the process tedious and expensive.
We Buy Houses In Seattle to Prevent Foreclosure
Here at I Will Buy House, we buy houses in Seattle to help you avoid foreclosure and keep your credit score intact. We pride ourselves on helping our customers prevent foreclosure because we understand how serious this is. Get in touch with us to get started.