How Can I Stop a Foreclosure in Las Vegas?
A foreclosure is a major event in your credit history that can lower your score and make it difficult to qualify for future loans. It typically shows up on your credit report within a month or two after your lender starts foreclosure proceedings. After seven years, it’s deleted from your report.
If you have good credit, you may see your credit score drop by 100 points or more. With excellent credit, your score could drop by 160 points. The higher your score, the more significant of a drop you are likely to see.
How Long Will a Foreclosure Stay on My Credit Report?
Foreclosures in Las Vegas occur when a mortgage lender takes possession of a property after the borrower fails to keep up with their loan payments. Legally, the lender can seize the property in order to recover the loan amount. Foreclosures show up right away on your credit report and stay there for seven long years.
It depends on the lender and your state, but generally speaking, foreclosures in Las Vegas happen after you miss four monthly payments. Missed payments also bring down your credit score, so you’ll already see a drop before the foreclosure goes on your report.
How Do Lenders View Foreclosures?
Foreclosures have a significant effect on your credit score, so lenders do not see them favorably. They’re only slightly less serious than a bankruptcy. Each lender is different, however, so you may have better luck working with one bank over another.
That said, you can expect to suffer some consequences from having this negative mark on your report. Most lenders won’t consider your application in the first few years of a foreclosure. After this time, some may be more willing to work with you. Time does fix things in the loan world, especially if you’ve been paying off your other debts.
Can I Stop a Foreclosure in Las Vegas?
You may be able to stop the foreclosure process by filing for bankruptcy or applying for a loan modification. But another option you may want to consider, especially if you no longer care to live in your home, is to sell it for cash.
When you sell your home for cash in Las Vegas, you’re able to work quickly and beat the foreclosure timeline. These transactions are as-is, meaning that you don’t have to worry about prepping and fixing up the home. We Buy Any Vegas House buys homes in all conditions and price ranges.
While it’s best to sell your home as soon as possible, you’re not out of luck if your mortgage company has already initiated the foreclosure process. You can still sell your home any time before the auction date. With cash from the home sale, you can work with your lender to pay down the mortgage and avoid having a foreclosure on your report.
Get Your Free Cash Offer in Las Vegas Today
You may want to get out from your property, but foreclosure is something to avoid, if possible. It has long-term ramifications that many people don’t plan for. Fortunately, when you sell your home for cash in Las Vegas, you have more options to sell without negatively affecting your credit score. Contact We Buy Any Vegas House today for your free, no obligation cash offer.