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Foreclosure and credit scores: Topic that may concern homeowners

Florida residents were glued to the news this past week as meteorologists and others reported on the continued progression of Hurricane Dorian. It soon became evident that most of the coast would escape its wrath, which brought a great sigh of relief to many homeowners. Things like storms and other issues can cause significant damage to a home and also cost a homeowner a great deal of money. In some situations, people are unable to recover financially and wind up facing foreclosure. 

Losing a home to foreclosure is often devastating. Not only does a homeowner have to find someplace else to live, he or she might be worried about how the foreclosure might impact credit scores. One data agency recently reported that, as of May 2019, nearly 4% of mortgages in the United States were delinquent. 

Last year, approximately 600,000 homes were foreclosed with many of those located in Florida. While such numbers may seem staggering, the overall rate of foreclosure across the country has significantly dropped. The process does affect credit scores, typically causing a decline of up to 150 points at first. The good news is that as many as 9% of borrowers will still have decent scores within a year.

Each year, a person's credit rating after foreclosure can be expected to rise about 10 points. One can logically assume that within five years and a little effort, it is possible to reclaim a good credit score. A Florida attorney with debt relief experience can help clients resolve any legal issues that arise. 

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