Blog

Jan
30
How Does a Foreclosure or a Short Sale Affect Your Credit Score?

There are several ways a foreclosure or short sale affects your credit score. If done correctly, a short sale can have less of an affect on your credit score than a foreclosure.

Here are several ways a foreclosure affects your credit score:

  • The late payments that precede a foreclosure have a big impact on your credit score.
  • FICO, the agency which calculates credit scores, guards their scoring system carefully, but it is estimated that a foreclosure can drop your score anywhere from 175 – 300 points.
  • The foreclosure will remain on your credit report for ten years.

If possible, consider alternatives to a foreclosure, such as a short sale or deed-in-lieu of foreclosure.

Read more…


Convenient Locations

In order to provide convenience for clients throughout Chicago and Northern Illinois, we have offices in the following locations: 

Chicago • Schaumburg  • Oakbrook • St. Charles • Naperville • And More

Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville

All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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