4. If your late 30 days your Credit score goes down to 93%
5. If your late 60 days the Credit Score goes to 90%
6. After ninety days the credit score goes to 87%
Never letters from your lender.
Call or write the lender without delay if you miss a payment.
Explain your situation and be prepared to provide them with financial information, such as monthly income, and expenses, or the reason you were late.
They may be able to help if you disclose all information.Precautions you should take
Here are several precautions that should help you avoid being "taken" by a scam:
6. Never sign papers you do not fully understand.
7. Get all "promises" in writing.
8. Beware of any loan assumption where you are not formally released from liability for your mortgage debt and contracts of sale.
9. Check with an Attorney or your Mortgage Company before entering any deal with your home.
10. If you are selling the house yourself to avoid foreclosure, make sure you check to see if there are any complaints against the prospective buyer.
You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information.
Do a Pre-foreclosure sale if you have exhausted every other option.This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.
You may qualify if:
2) The "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value,
2) The loan is at least 2 months delinquent prior to the pre- foreclosure sale
3) you are able to sell your house within 3 to 5 months An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.