When a homeowner hasn’t made their monthly mortgage payments for 3 months or more, their lender will usually start the foreclosure process. There can be many reasons why they haven’t been able to pay their mortgage payments such as: loss of job, spouse’s death, medical issues, etc; however the outcome is always the same, Foreclosure! What many homeowners do not realize is the foreclosure credit consequences they will face.

Your credit score is a very important factor in your financial life. You need credit to buy a home or car, rent an apartment, get a loan, and even to get a new job! In today’s housing crisis more and more homeowners cannot afford to pay their monthly mortgage payments and are going into foreclosure. A foreclosure can ruin your credit score lowering it as much as 300 points!

3 Ways A Foreclosure Can Impact Your Credit Score:

1. A foreclosure can stay on your credit score for up to seven years and the effects of foreclosure credit consequences can last many years after. It’s important for homeowners to understand how difficult it is to recover your credit score after a foreclosure.

2. Lenders cannot offer you financing for 24 months following a foreclosure. This means you cannot get a personal loan, car, new home, credit cards, and even utilities such as cable are dependant on your credit score. In addition it will be next to impossible to be approved for another mortgage loan for at least 3-5 years depending on the situation.

3. Your credit score will instantly decrease 200-300 points once a foreclosure appears on your credit report. Even someone with a good credit score such as a 700 will be drastically affected by a foreclosure after their score lowers to around 400…

As you can see foreclosure should almost always be a homeowner’s last option to avoid the foreclosure credit consequences that so many homeowners have learned to late. There are many foreclosure alternatives available to homeowners such as: Deed in lieu of foreclosure, a short sale or “short pay-off”, and a loan modification. If you are in or facing foreclosure, now is the time to act and do something to save your home and credit score…

The e-book cover

Hallandale Beach, Fla. (PRWEB) October 17, 2007

Real estate investor and home foreclosure expert Dave Dinkel recently launched a Web site designed to help victims of the recent foreclosure crisis take back control of their financial destinies.

Through the Web site (www.StopMyForeclosureMess.com), Dinkel — a professional real estate investor with 32 years of experience in the field — is offering a myriad of materials to help homeowners save their houses, sell their property at full-market value and improve their credit scores. This material includes an information-packed e-book called the, “32 Ways To Quickly Stop Your Foreclosure.” In the book — available for download at the Web site — the home foreclosure expert reveals the 32 methods to successfully put a stop to foreclosure, gleaned from more than three decades of experience in the arena.

“Foreclosure is a national crisis that destroys families, ruins their credit for years to come, and is both embarrassing and humiliating,” said Dinkel. “But whether you want to keep your home or just want to sell and get out, the information you will learn in our material will put you back in control of your situation and give you options to achieve the best possible outcome.”

The e-book is loaded with information designed to meet all of the daunting challenges associated with the issue, Dinkel said.

“Because few people expect to face these types of problems, they are not prepared for the legal process, which seems very complicated,” Dinkel said. “The gut-gripping fear of the unknown; the constant paralyzing indecision because of the uncertainty of what happens next; and the endless amount of advertising from lenders, credit counselors, mortgage brokers, attorneys, Realtors, and investors wanting to ‘help’ them with saving their home and/or credit. The reality is that the majority of these people want to make money off the owners.”

The real estate investor and home foreclosure expert said his company is not out to buy homes, but to help owners.

“We do not want you to fill out a questionnaire to ‘help’ you, with the actual intent of stealing your home way below market value,” Dinkel said. “The information in this e-book will guide you hour-by-hour, day-by-day and step-by-step until you take back control of your destiny.”

About Dave Dinkel
Real estate investor and home foreclosure expert Dave Dinkel entered the financial arena as a stock and commodity broker with Merrill Lynch in 1970. While a stock broker, he became a Certified Financial Planner and later started his own brokerage firms and stayed in the financial services industry for 22 years before retiring to pursue his love of real estate investing. Dinkel has been a national platform speaker, contributor to local real estate clubs, mentor and consultant to numerous real estate investors — all while running his own real estate business. He has received the following degrees or designations: BSChE, FINOP, CFP, MSRP, RSP, RR, ROP, SROP, MGA, GA, Certified Estate Planner, Licensed Mortgage Broker, and Licensed Insurance Agent. His most recent contribution to the public’s education, besides his article publications, is the publishing of the FSBO Power Selling System™. The system is designed to teach homeowners proven techniques that Dinkel has developed, which sell houses quickly while saving homeowners thousands of dollars when selling their properties. In addition, because of the current real estate crisis and the large amount of property in foreclosure, Dinkel has created the “32 Ways To Quickly Stop Your Foreclosure” e-book, available at his new Web site, www.StopMyForeclosureMess.com.

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