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A foreclosure on your credit report can make it really hard for you to get a mortgage because by the time it goes on your credit report, your whole credit history will be compromised and even your credit score. Getting a mortgage after a foreclosure may be difficult but it is not impossible. Be informed that you do have to be patient about this because it may take some time. 1. Foreclosure on your credit report can stay for a year or seven years. When you want to get a mortgage, creditors will be looking at your credit report to see if you qualify for it. And if you have this on your credit report, you’ll be more likely seen as a risk to their business. This may take a lot of time but it pays to wait for you to wait for it to be removed on your credit history rather than continue your applications along with risks involved. 2. A clean credit report will really help you out in getting a mortgage you are less of a risk to banks and lenders. Cleaning out your credit is another way to make it easier for you to get that mortgage. Getting delinquencies or errors removed on your credit report will give your credit score a boost. If there are wrong items in your credit report, make sure you report them immediately to your creditor and file a dispute as soon as possible. The best way to do this is to send a little to your creditor pertaining to the errors on your report, tell them why you think it is wrong and attach any forms of proof to back up your complaint. Give your agency 30 days to process it. Do this and you might just be a few points away from getting that mortgage. 3. Make sure you pay all of your bills on time all the time. Because your credit report is in bad shape, you have to do whatever it takes to give it a raise. Making payments on time is probably the best thing you can to make it healthier. Avoid missing you bills because these may stay on your credit report for 2 years or even more and it will only make it difficult for you to get that mortgage. 4. There is nothing wrong with asking for help. You can always consult a loan pro to help you out and to get better advice. There are other loans that may help you to get better deals than other and you may even get flexible payment terms that are easier to manage. 5. Do whatever it takes to get your credit score up. Avoid cancelling your old credit accounts, and avoid inquiring too much because inquiries can make you lose points. Follow these tips and you’ll get that mortgage even with a closure record on your credit report. Joy is an active blogger who shares extremely interesting finance management tips over the web that encourages people to manage their personal finances, check credit score for free and improve their credit scores.
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