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Real Estate

How foreclosure can affect your credit

Owning a home is a sound investment strategy. It provides an individual both with a good residence and property with an appreciating value. This has lured many people to buy homes. Most of these buyers are relying on mortgages to fund the purchases. This is usually a sound decision if one has a stable source of income and the economy is doing well. Try companies that buy real estate in san diego, ca.

However, unexpected economic situations such at the 2008 Depression and job loss can jeopardize an individual’s chance to own a home and lose the money he or she has already invested on it during foreclosure. So, how can foreclosure affect your credit?

Drastic Credit Score Drop

man on phoneForeclosure can serious affect an individual credit score. However, the extent of the damage depends exactly on how good your score was before the foreclosure. Ironically, the better your score is, the more it will be affected. If your score is high at about 780, your score will drop by between 140 and 160. If your score is much lesser, it may fall by as little as 70 points.

Lack of access to loaning services

Since foreclosure only occurs when the mortgagor fails to pay his mortgage, it indicates an individual’s poor financial situation. Other lenders, therefore, will decide to avoid loaning to you. Such companies will view you as a high-risk borrower and do not have confidence in your ability to repay your debts. With the inability to access loans, an individual’s financial crisis may worsen.

High Interest Loans

After a foreclosure, lenders who will be willing to lend you money will only do so if you agree to the higher interest rates. The high rates are generally to discourage you from borrowing. Remember that the only way to re-boost your credit score is buying taking loans and repaying them on time. Be careful to borrow only small amounts that you can comfortably repay.

Rebuilding Your Credit

A borrower who has been through a foreclosure can rebuild his or her credit. By efficiently servicing your other debts, your credit score will start improving. Consistency will take you back to where you were before the foreclosure in as little as two years. The foreclosure’s contribution to your credit score also reduces all as time goes. After seven years, the foreclosure will no longer affect your credit.

moneyIt is important to avoid foreclosure by carefully managing your finances. Foreclosure does not only ruin your credit, but it also makes you lose the money you had already invested in the property. Moreover, it is important to discuss your financial situations with the mortgaging company to reorganize your repayments into affordable amounts.…

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Services

The need to hire professional furniture removalists

Moving to a new residence can give you mixed emotions. It makes you feel excited because finally you will be able to live in your dream house. But at the same time, it can make you anxious because the process of shifting your belongings would be tough. But don’t worry because there are many companies out there that are willing to help. But you have to make sure that you hire the services of a group that has made the move smooth and easy for their past clients.

Hiring the services of professional furniture removalists

sofaOut of all the stuff that you have to transfer from your existing residence to the new one, the furniture and large appliances are probably the hardest to deal with. In fact, it would be next to impossible for you to relocate them all by yourself. With this, you will realize the need to hire professional furniture removalists.

What are the furniture that you have? You would probably say cupboards, beds, tables, sofa, chairs, and piano. For sure, you also have appliances such as refrigerator, washer, dryer, chest freezer, and many more. All of which are very heavy. So, how can you move all of these if you don’t hire professional removalists? Again, it would be impossible. So, the best thing that you can do is to search for a good removal company that can assist you.

Here are the reasons you should hire professional furniture removalists.

1. To keep your belongings safe

Expert removalists are equipped with the proper packaging materials that would allow all your stuff to be packed in the best way possible. A competent group should be able to assure you that everything will be packed, loaded, transported and unloaded with utmost care.

2. To take care of damages

Removalists are trained to remove and relocate items without any damage. Shifting heavy objects is extremely hard, and there is a big possibility of damages to the surrounding like the stairs, walls, and door frames. But with the assistance of an experienced team, you won’t have to worry about all these.

3. Allows you to save money

bedYou would think that doing the task all by yourself would allow you to save more money. But this is not always the case. In fact, you may even end up spending more if you do it alone because you will have to make multiple trips just so you can move everything. But if you hire professional furniture removalists, the relocation will be done in just one trip.…

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