Foreclosure in 97106>Question Details

Li, Home Seller in Oregon

What will fore closuure do to my credit cards?

Asked by Li, Oregon Sun Jan 27, 2008

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4
Li,
A foreclosure will show just as that on your credit report. There are options available to you other than straight foreclosure. Please read my blog about the foreclosure process.


Know that the best thing you can do is to try to communicate with your lender. There is a difference between "settled" on your credit scorre, than "foreclosure". The majority of home owners in foreclosure never contact the lender and try to work it out. Do not be like most home owners.

Good luck.
1 vote Thank Flag Link Sun Jan 27, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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As the earlier posters have said, there may very well be a workable solution available to a home owner instead of foreclosure. Please expore all available avenues.

Regarding your question: It is quite likely that a foreclosure on your credit report will prompt the credit card issuer to cancel the card. Most credit card issuers regularly monitor the FICO scores of people they have issued cards to. A foreclosure will result in an extremely negative FICO, so whenever the issuer checks - BOOM! Credit card cancelled! One more reason to avoid foreclosure if at all possible.

If I can provide any help, don't hesitate to contact me.
0 votes Thank Flag Link Wed Jan 30, 2008
Call your mortgage company. It's easier to ignore the problem but they will be bale to help you find a solution. You may be able to sell before going into foreclosure by what we call a short sale. That will pay back most of your debt owed and expedite the sales process by reducing the price for a fast sale.

If you want a outsiders help contact Dawne Erickson with Indee Mac Bank. SHe has time and cares and willlet you know what to do. Her number is on my web sight under Vendors just go to http://www.relocation-home.com

Good luck with everything. I am pretty sure you can keep your credit cards if you pay the bill. ;)
0 votes Thank Flag Link Sun Jan 27, 2008
Do not go foreclosed if you can help it! You need he here to help. This is 5 times worse for your credit than bankruptcy.

Give me a call anytime. This is a serious and complex matter. I have a team of professionals and we are here to help!~

Dirk Knudsen
503-799-8383
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Sun Jan 27, 2008
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