If you are struggling financially and think that a Kansas City foreclosure may be imminent, you may be wondering about the lasting impacts of losing your home.  Your biggest concerns will be the fact that you may no longer have a place to live and making sure your family is ok during these difficult circumstances. 

If you are searching for ways to avoid foreclosure in Kansas City and cannot find an option that works for you, it may be time to start thinking about the impact a foreclosure in Kansas City can affect you and your family.  One significant area where a foreclosure in Kansas City can affect you financially is your credit score.   

Credit Report History 

Once a Kansas City foreclosure is finalized, it will stay on your credit report for seven years after the first missed payment.  Anytime a payment is missed that involves a loan or mortgage, it can lower your credit score.   

Even though a foreclosure stays on your credit report for seven years, don’t let that get in the way of restoring your credit score.  Be sure to make all other payments on time for bills, car loans, credit cards, etc.  After seven years have passed, the foreclosure mark should be removed from all credit reports. 

Kansas City foreclosure

How Far Will Your Credit Score Drop? 

Depending on your score before the foreclosure is added to your credit report, you could potentially see a drop of 100 points or more.  Higher scores will drop the most after a foreclosure in Kansas City, and it can take anywhere from seven to ten years to restore your credit score to its peak.   

Once a Kansas City foreclosure is finalized, it will stay on your credit report for seven years after the first missed payment 

How to Rebuild Credit 

Although a foreclosure in Kansas City may stay on your credit for seven years, it is still possible to boost your credit score during that time period.  There are some helpful ways to compile positive data on your credit report by doing the following: 

  • Apply for a secured credit card or a credit-builder loan 
  • Use 30% or less of your limit on credit cards or other lines of credit 
  • Develop a track record of paying all bills on time 

Kansas City foreclosure

If you are at risk of foreclosure and are need foreclosure help in Kansas City, contact Cherry Park Properties today.  Our team specializes in providing Kansas City foreclosure options for anyone struggling with their monthly mortgage payments.   

You can contact us online or by calling (913) 839-2345 to get started.