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How will foreclosure affect my financial future?

If your property goes through foreclosure, that foreclosure will remain on your credit report for seven years. Even after seven years, you may have to make a written request to the three major credit agencies to have the foreclosure removed from your record. In the past, it was difficult to nearly impossible to secure a loan or line of credit after a foreclosure, especially in the first two to three years. Having a foreclosure on your credit report was also likely to affect your ability to rent an apartment or a house moving forward. This has changed in recent years, with lenders being far more likely to extend loan and credit offers to former homeowners even in the first two years after bankruptcy. Nevertheless, those that are approved for a loan or credit card usually have to accept higher interest rates than if they did not have the foreclosure on their records. http://www.elitehomeoffer.com/blog/

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