Foreclosure And Consequences To Credit
Hello,
I was wondering about the difference to your credit rating between getting an NOD and curing it VS. getting an NOD and having the bank foreclose and take the property back.
I get asked this questions alot from homeowners when I buy their homes in default. Once they get the NOD on their credit report are they just as bad off as if they let the process play out and the bank actually forecloses and takes the home back? Or can they save their credit score from even more dings by curing the default before the bank auctions the home?
I was always under the impression that unless the bank actually goes all the way through to TS that the credit score of the homeowner isn't damaged as badly. I'm just trying to get a better understanding of what's occuring so I can convey that to the homeowners I buy from.
Thanks!
-Sarah
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