Protecting Your Credit by Escaping Foreclosure

Jan. 13, 2011 - PRLog -- Avoiding Foreclosures - House Buyers Hampton VA: It is important for you to keep your credit as intact as possible when you go through a rough time financially. The addition of a bankruptcy or foreclosure to your credit history can mean disaster.When you try to get back on your feet, you’ll need some credit that’s at least halfway decent. The better it is the easier it will be for you to do what you need to do.

Finding a new place to live if you are foreclosed on will require decent credit. Apartment complexes, landlords of single family homes, and even jobs are now using background and credit checks before they commit to you.Today it’s easy to check one’s credit or background. Just look online and you’ll find hundreds of companies that will tell you just about anything you want to know about anybody. The fees are so low that landlords and employers are willing to risk the $20 to make sure they are getting a good tenant or employee. It takes just a few moments.

Housing and jobs are not the only places where your credit will be scrutinized. Insurance companies now make the same checks on credit to determine your rates. They use the credit history to calculate the appropriate risk assessment that will tell them what you should pay in premiums. Many home insurance companies that sell homeowners and renters insurance won’t even give you insurance without a specific credit rating. You could end up going to a higher risk insurer and that will cost you plenty.

Foreclosures can be avoided, which will help to protect your credit. If you have done what you can to modify your loan for smaller payments or gone through the government program for loan modification, you will have another option. If you can’t save your home and know you will need to move out when the foreclosure is completed, you can sell the house in a short sale to a real estate investor.

The investor is interested in buying your house in its present condition without you spending another penny on repairs or cosmetic fixes. You may be able to pay the bank off even if the investor’s offer is slightly lower than what you owe. That’s why it’s called a short sale. You’ll preserve your credit and will avoid having a foreclosure on your credit history. If you need to move out of the house anyway, this is a great way to go.

Virginia’s 24 Hour Home Buyers, is a locally owned Real Estate Company in Virginia Beach that buys houses. We buy houses that need major repairs or in “as in” condition. Divorce, relocation, double payments, tax liens, over financed, foreclosure,etc. http://www.webuyhomesvirginia.com


If you have a home you would like to sell without paying expensive real estate commissions, contact us today for a free, no obligation consultation on how we can buy your house in less than 7 days and close when you want.Having a Foreclosure in Virginia? Download our Free Report – “Stop Foreclosure & Save Your Home Now!” http://www.webuyhomesvirginia.com

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Virginia's 24 Hour Home Buyers, is a locally owned Real Estate Company in Virginia Beach that buys houses. We buy houses that need major repairs or in "as in" condition. Divorce, relocation, double payments, tax liens, over financed, foreclosure,etc. http://www.webuyhomesvirginia.com