Archive for 2011

What Happens When You Foreclose on a House?

There are a lot of things to consider when you are facing the possibility of a foreclosure. The effect that the foreclose will have on your credit, how much time you will have to move, and whether the bank can come after you to collect if the house doesn’t sell for a high enough price are just a few. Before you can decide what you are going to do about your situation, you need to know what happens when you foreclose on a house.

The Timeline for Foreclosure

The foreclosure process can take anywhere from one to ten months, depending… Read more »

Credit Counseling to Stop Foreclosure

One option most people don’t think of is using credit counseling to stop foreclosure. Credit or debt counseling is a service offered by debt relief companies, many non-profit, that is touted as an alternative to bankruptcy. The agency requires the debtor to complete a detailed budget, including all payments due on debt. Credit counseling agencies often claim that they can lower the total debt owed, therefore lowering monthly payments…. Read more »

What Happens to Your Credit When You Foreclose?

One of the things you might worry about if you are facing foreclosure is how it will affect your credit score. Obviously, a foreclosure will have a negative effect on your credit, but just how bad will it be? Will you ever be able to buy a house again?… Read more »