Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
Toll free – 877-801-4135

Miami – 305-461-9500

Orlando – 407-992-2251

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. 

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Offices Conveniently Located in Miami And Orlando

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office