Re: what happens to credit cards in foreclosure

Posted by Mary Supinger on June 08, 2008 at 01:04:54:

In Reply to: what happens to credit cards in foreclosure posted by JJ on May 30, 2008 at 15:46:42:

LOAN MODIFICATION!!! You didn't state what state you live in, but please speak with a professional about this. Lenders won't do anything or much of anything for you. A foreclosure, deed in lieu, or short sale will have the same effect on your credit report....a drop of 150 to 200 points for at least two years.Your credit cards will likely increase your rates dramatically due to a Universal Default clause in your contract with them. Check them out BEFORE any foreclosure happens. Good Luck!

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