How to Remove a Foreclosure from Your Credit Report

Having a foreclosure on your credit report is like dropping a bomb on your credit score – almost cutting it in half in some instances. Your score will take a big hit that could remain in place for as much as seven years. Unfortunately, more and more people are having to deal with foreclosure – primarily due to the recent downturn in the economy and the collapse of the housing bubble. Banks got bailed out when they made the bad loans, but no such protection was granted to hard working homeowners who found themselves upside-down on their home loans. Now, as a result, these homeowners are being kicked out of their homes and to make matters worse, their bad credit makes them unable to qualify to buy a new home, or even rent a new place. Fortunately, there is hope even if you have been through a foreclosure.

Foreclosures Are Becoming More and More Common

Foreclosure has become a topic of daily discussion on the national scene in recent years. As the nation tries to recover from the recession, foreclosures are one of the main impediments to a full recovery. Some analysts predict that home prices will take 10 years to recover from the recent rash of foreclosures. The latest national foreclosure numbers show that there are about 250,000 foreclosures every month. In the past, home values have almost always increased, so that your home was always worth more than the amount you owed on it. Now, that guarantee is gone in the majority of markets and some areas have seen a dramatic drop in home values. This leaves homeowners in the precarious position where they owe more on their home than what it is currently worth – this scenario is called being “upside-down” in the home. As a result of being upside-down, many homeowners choose to walk away instead of continue to make payments on their depreciating investments.

Before Going into Foreclosure

In most cases foreclosure is something that should be avoided at all costs. One thing to remember is banks don’t want to foreclose on your house either. They would prefer you stay there and continue to make payments. Sometimes banks will work with a struggling homeowner to lower their monthly payments or their interest rate. Make sure you try to get the bank to make some concessions to you – such as lower monthly rates, or removal of past delinquent items from your credit report. If banks are unwilling to work with you, then foreclosure may be your best option.

What To Do If You Have Gone Through a Foreclosure

If you have been through a foreclosure, you can still work to repair your credit instead of waiting seven to 10 years before it will be removed automatically. Just like you can with other negative items on your credit report, you can file a dispute with credit reporting agencies in order to get the item removed. If your creditor cannot prove the debt is valid (regardless of whether or not it actually is), they must remove the item from your credit report.

Bad Credit Can Happen to Good People

I have gone through the disaster of foreclosure myself and know what it’s like. A few years back, I lost my job because of the recession. I was unable to continue paying my bills, and as a result my house was foreclosed on. In addition, I couldn’t even make the payments on my credit cards, so those went into default as well. Everything turned into a nightmare of phone calls and letters in the mail asking me for money. The only thing I could do to stop the nightmare was file for bankruptcy – which resulted in a new nightmare. After filing for bankruptcy, my credit was in terrible shape. After the bankruptcy, I couldn’t get a home, or a new car, or even go on vacation with my family. My credit scores were too low to qualify for anything. It was a time of great frustration.

Don’t Let Bad Credit Beat You

Finally, I talked to a friend who told me about Lexington Law. He said they could probably help me get my credit scores turned around. I didn’t believe him initially, but after he showed me how much they helped his credit score improve, I knew I had to give them a try.

Lexington Law Can Change Everything

I called the 1-800 number at the site (800-220-0084) and I was immediately speaking to a very knowledgeable credit expert who helped point me in the right direction. I signed up and Lexington Law immediately put their team of tireless lawyers and paralegals to work. Three weeks later I was getting letters from credit reporting agencies saying negative accounts had been removed. The next time I checked my credit, it had gone up several points. My credit scores have continued to improve since then (see below).

Foreclosure Removed From My Credit Report:

My credit scores have dramatically improved since there are no longer any negative accounts on my credit report. Here is a snap shot of my credit scores since I signed up with Lexington Law:

Client Testimonials:

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Discount for Couples

Lexington Law is now offering $50 off the initial fee when you and your spouse sign up together. The discount will be applied after the second sign-up is complete.

If you’re sick of having bad credit, let the professionals at Lexington Law Firm take care of it for you. They can delete all kinds of negative items from your credit reports, including: bankruptcies, foreclosures, repossessions, charge offs, judgments, tax liens, collections, late payments and more.

Give them a call at 800-220-0084 or fill out the form below and a representative will call you. You will receive a free credit consultation and complimentary credit score – free of charge.