Q & A: Bankruptcies & Foreclosures

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  1. How badly can a pervious foreclosure or bankruptcy impact my credit score?
  2. How can I clear up excessive debt?
  3. What can I do if I have bad credit due to a foreclosure or bankruptcy?

How badly can a pervious foreclosure or bankruptcy impact my credit score?

A foreclosure or bankruptcy can have a major negative impact on one’s credit score, and will remain on one’s credit report between seven and ten years. Due to this negative impact, it can be extremely difficult to obtain a home loan afterwards. But, there options for those who suffer from bad credit but are dedicated to improving their score. If your credit score is low due to a foreclosure or bankruptcy, contact your financial advisor to discuss your best options to getting back on track.

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How can I clear up excessive debt?

If you currently have an excessive amount of debt, it may be difficult to obtain a mortgage loan. But, there are ways to remedy your debt, improve your credit score and get on track to purchasing a home. To find out the best way to eliminate your debt, meet with a trusted financial advisor who can asses your current financial state and make recommendations for your future.

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What can I do if I have bad credit due to a foreclosure or bankruptcy?

Items such as foreclosures or bankruptcies will remain on your credit score between seven and ten years. Due to the impact such events can have on one’s credit score, it can be extremely difficult to obtain a home loan afterwards. If your credit score is low due to a foreclosure or bankruptcy, contact your financial advisor to discuss options for improving your score and getting back on track to owning a home.

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