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Rebuilding Credit after Foreclosure

How long will it take your credit score to recover after foreclosure or a short sale? The answer to this question will vary depending on the unique circumstances of your financial situation. It typically relates directly to what your credit score was before the foreclosure or short sale.

Unfortunately for debtors with high credit scores, the better your score before your foreclosure or missed mortgage payments, the longer it will take to fully recover. This is because high credit scores require virtually immaculate credit files while lower scores do not. It may take a debtor with a 680 FICO three years to recover to the same score after foreclosure. In stark contrast, it may take a debtor with a 780 score seven years to recover, more than twice as long. The same applies with late mortgage payments. The debtor with the lower score who pays 30 days late may be able to recover in about 6 months, but the debtor with the higher score may face a three-year climb back to 780.

As a borrower dealing with overwhelming debt and mortgage payments that have become difficult or altogether impossible, the most important thing you can do is take a proactive approach. The obvious advice may be to never miss a payment, but when you're struggling you need answers.

The law firm of Jacoby & Jacoby offers experienced legal representation to homeowners and debtors throughout Long Island. The legal team is committed to helping borrowers find the right solutions to their financial woes and achieves this by offering our counsel in such areas as bankruptcy, foreclosure defense, loan modification, collection lawsuit defense and more.

To discuss your particular financial situation and concerns, contact a Long Island bankruptcy and debt relief lawyer at the firm today.

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