If you live in western Pennsylvania and you are facing foreclosure, you should know that you have alternatives. A foreclosure can be devastating on your credit report, bringing it down by as much as 85 to 160 points! That’s just the foreclosure itself. To begin the foreclosure process, usually, you need to be at least 90 days late in payments. That’s a ding of 70 to 135 points.
By the time everything is done, you could be looking at a credit score drop of 200-250 points. That beautiful 750-800 score that you’ve worked so hard to maintain could drop down to under 600 by the time the foreclosure process completes.
This low of a score would make you a subprime customer and effectively block you from access to most forms of credit. You don’t want this!
If you are facing foreclosure or think that you might be in foreclosure proceedings soon, you don’t want to wait. You’re going to want to ask someone to “sell my house as fast as possible!”
If you are in foreclosure proceedings, sometimes the best route is to walk away from your home. You don’t want to walk away by letting the foreclosure happen, but rather by allowing a cash buyer to purchase your home. A cash buyer can take a look at your property and give you a fair all-cash offer. They can then schedule a closing date in as little as seven days.
At closing, you can get your cash and pay off the mortgage note. This payoff stops the foreclosure proceedings and saves your credit score.
How Is My Credit Score Saved?
Recall that with a foreclosure, your credit score can drop 250 points. Making a payment late by 30 days will lower your credit score by 40 to 110 points. If you are late on your payments, this first ding is unavoidable. But having a score reduced from 800 to 700 or 700 to 620, for example, is manageable. You can still get credit in the future, and you’ll be able to recover from this mistake. You can also make a goodwill request to a lender to remove this late payment record from your credit report.
However, being delinquent by 90 days and having a foreclosure on your record has no chance of being removed. You’ll have to wait the full seven years to have this “up to 250 points” blemish removed from your credit report.
By selling to a cash buyer, you can have your credit score go down by 40 to 110 points instead of up to 250 points!
A Cash Buyer Can Help You Save Foreclosure In Pittsburgh
If you are in the western Pennsylvania area and you are facing foreclosure, you’re going to want to consider a cash buyer. Fifth Avenue Property Group can help you avoid foreclosure. Contact us today!