We are dedicated to helping individuals save their homes
Credit Ramifications
Once you fall behind on your mortgage, even just one payment, your score can drop as much as 100 points. Most Lenders consider a 4 month late on your report to be a foreclosure, even if action was not taken against you. Many things can be done to raise your score once you get back to paying the Modified Note.
Bankruptcy will stay on your report for 7 years after the final Discharge of Debts. A foreclosure can stay on for up to 30 years in some states that allow for Deficiency Judgments.
It is better to take action now to prevent further damage, and start restoring your credit.