 TITLE: Should I Hire a Foreclosure Attorney? CONTENT: How Does a Foreclosure Affect Your Credit?\n------------------------------------------\nA foreclosure's effect on your financial history can be substantial. Payment history is the most significant factor of your credit score, so your score may have already taken a hit from any missed mortgage payments. Not only that, the foreclosure itself can knock 100 points or more off your credit score as soon as it's complete.\nYou can rebuild your credit score after a foreclosure, but it will likely take years and lots of financial discipline to do so. Be prepared to use credit responsibly, monitor your credit report and scores regularly, and build healthy budget habits to stay on track. Foreclosure stays on a credit report for seven years from the date you first missed a payment, and it stands out to potential lenders as a grim red flag, affecting your access to lines of credit and loans in the future.\nGiven its effect on your credit, it's best to prevent foreclosure altogether if at all possible. On top of the credit consequences, foreclosures often consume significant amounts of time and money for both the borrower and the lender—so avoiding one could be in everyone's favor. END