Gary Bartlett
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Graduate Realtor Institute
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Credit Score

Written by Gooder Group on September 22, 2011 at 3:05 pm

Protect Your Future Ability To Purchase A Home

© iStockphotoNo matter what your financial situation, trying to stay in your home and pay your mortgage is your best option when considering the effect alternative options would have on your credit score and future home purchasing possibilities. Fannie Mae and Freddie Mac define foreclosure as, “Any 120 day mortgage late within the last 24 months, any notice of default or settlement on a real estate secured trade line (short sale), any deed-in-lieu or forbearance agreements.”

Simply put, whether you are 120 days late on your mortgage, short selling your home or being foreclosed upon, Fannie Mae and Freddie Mac define all these events as “foreclosure.” And, a foreclosure will result in significant damage to your credit; depending on your credit score, down payment and your previous home-loss situation, you will have to wait two to seven years before you could qualify for a mortgage to purchase another home.

So, before you abandon your mortgage — if you’re thinking about doing so — be sure to consult with your lender or loan servicer. The U.S. Department of Housing and Urban Development also has a program, “Keep Your Home. Know Your Loan,” in place to assist homeowners before they fall behind on mortgage payments. See www.HUD.gov for details.…

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