I'm planning to foreclose my house in California. Do you know how many points will drop my credit score?

Question

My score is about 750+ but I have no choice but to let go of my house. Also how long is the foreclose stay in my record? Will I still be qualify to buy a house later on? Please advise. Thank you!!!

Answer 1

save your home from foreclosure by modifying your loan. You can contact the american modification agency and they will save your house and negotiate the terms of your loan with your lender to make your mortgage affordable and make sense for you to pay it in order to stay in it! i know from past experience contact my agent [e-mail] explore your options before you do somthing like let your home go.

Answer 2

It will destroy your score.  It will remain on your record for 7 years.  If you later file a bankruptcy, it will stay on your credit report for 10 years.  Prior to it dropping off your credit report, you might be able to qualify for an FHA mortgage.

Answer 3

Your score will drop about 100 points and follow you around for 7 years.  so every time someone runs your credit report it will pop up.  If you want to purchase anything the interest rates will always be higher.  

Answer 4

Well, it's going to drop substantially. The precise number does not really matter, it is going to be bad.

Answer 5

600 max after the repo.  YOu can buy a house later but you will pay 8 percent interest for 30 years. /

Answer 6

It will definitely hurt your score, but a foreclosure overrides any score on a mortgage application.  You will have to wait at least 5 years after a foreclosure to get a conventional mortgage, or 3 years to get a FHA mortgage.  Of course, that's with current rules which are subject to change.  

Your best bet is to try to work something out with your current lender.  I think a lot of people are letting their houses go into foreclosure but they don't realize that it is much harder to get a loan now than it used to be.  

Answer 7

DON'T LOSE HOPE. I KNOW OF A BROKER WHO HAS BEEN WORKING WITH AN ATTORNEY IN L.A. AND FIXING PEOPLES CREDIT SCORES. THEY HAVE BEEN ABLE TO GET A HOME WITHIN 3 TO 6 MONTHS AFTER FORECLOSER.  HERE IS HER #209527-0747 HER NAME IS ADREY. THIS IS NO LIE I AM GOING THREW HER ALSO.