Re: Too late to save it?

Posted by Julio Martinez-Clark on March 26, 2008 at 21:27:29:

In Reply to: Too late to save it? posted by Rosemarie on March 26, 2008 at 19:20:28:

Rosemarie,

In most jurisdictions foreclosure can be stopped by requesting an updated
reinstatement quote and paying the amount past-due at anytime before
the property is sold at the foreclosure auction. Even after the sale takes
place in many jurisdictions, there is a "redemption period" where the
homeowner can potentially "re-purchase" his property back. This website
(www.all-foreclosure.com/procedures.htm) has a summary of foreclosure
laws per state. The internet is full of this information as well.

I have written some articles in my blog about foreclosure that will greatly
help you.

From WikiAnswers (h-
ttp://wiki.answers.com/Q/How_much_does_your_credit_score_drop_when
_a_foreclosure_is_added):
"Information about the specifics of credit scoring is largely emphirical and
based on trial and error. The Fair-Isaac company, who pioneered credit
scoring, is very secretive about the exact working of their software. In
addition, credit scores compute ALL the information showing in your
credit report each time it is calculated. Changes in your debt to available
credit, other derogatory information (like late payments and collection
accounts) and when these things occured are taken into account. History,
specifically what has taken place in the last twelve months, is factored a
full 35%. So if the foreclosure was within that time period and was
removed, your score would recover a significant amount of points. If the
foreclosure was older, it would not impact your credit score nearly as
much."

I hope this helps,

Julio Martinez-Clark






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