Real Estate Attorneys & Business Attorneys | J. Perez Legal, PA
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    • Real Estate >
      • REAL ESTATE AGENTS
      • Selling Home without a REAL ESTATE Agent
      • Seller's Legal Representation
      • BUYER'S LEGAL REPRESENTATION
      • CLOSING COSTS
      • CLOSING DOCUMENTS
      • POST-CLOSING MOVE-IN
      • SELLER'S BREACH OF CONTRACT
      • PROPERTY TAXES
      • EARNEST MONEY DEPOSIT
      • REAL ESTATE PROPERTY SURVEY
    • Title Insurance >
      • Real Estate Title
      • TITLE COMMITMENT
      • TITLE INSURANCE COSTS
      • Types of Property Interests
      • Types of Deeds
    • LOAN MODIFICATION >
      • LOAN MODIFICATION ADVANTAGES
      • LOAN MODIFICATION QUALIFICATIONS
      • LOAN APPROVAL DURATION
      • NON-PRIMARY RESIDENCE LOAN MODIFICATION
      • PRINCIPAL BALANCE ADJUSTMENT
    • SHORT SALES >
      • SHORT SALE TAX CONSEQUENCES
      • SHORT SALE DURATION
      • SHORT SALE DEFICIENCY
      • SHORT SALE HARDSHIP
    • FORECLOSURE >
      • FORECLOSURE PROCESS
      • FORECLOSURE OPTIONS
      • FORECLOSURE - THE SUMMONS
      • DEFICIENCY JUDGEMENT
      • POST FORECLOSURE & CREDIT
    • Landlord/Tenant Law >
      • EVICTION PROCESS
      • EVICTIONS GENERALLY
      • Evictions - Public Records
      • 3-Day Notice: Failure to Pay Rent
      • 7-Day Notice: Tenant to Landlord
      • 7-Day Notice: Landlord to Tenant
      • 15-Day Notice: Termination of Verbal Lease
      • 15-Day Notice: Rent Increase
      • Security Deposit
      • Holdover Tenant
      • CDC Evictions Moratorium
      • LANDLORD SELF-HELP
      • LANDLORD LEASE TERMINATION
    • Small Business Law
  • Meet the Team
    • Juan J. Perez - Founding Partner
    • Juan Blandino - Associate Attorney
    • Yanet Macias - Senior Real Estate Paralegal
    • Berenice Leyva - Legal Assistant
  • Contact Us
  • Online Payment
  • Title Calculator

CREDIT SCORE IMPROVEMENT

Q: How long does it take for my credit score to improve?
A: "The improvement of your credit score really depends on you. Your credit score is made up of the type of credit that you have opened, the lines of credit, the number of them that you have opened, and the length of the credit that you have established, along with your payment history. Really, if you want your credit score to improve what you need to
do is have several lines of credit open and have a good payment history on those lines of credit, and sooner rather than later your credit score will improve."

OBTAINING CREDIT

Q: Will I be able to get credit in the future?
A: "Absolutely you will be able to get credit again in the future. Remember that your credit depends on you. The more lines of credit that you open and the length of those lines of credit, coupled with a good payment history, will allow you to establish credit and quickly."

CREDIT SCORE IMPLICATIONS

Q: My spouse and I are on the mortgage but only I signed the note, will a short sale or foreclosure hurt my spouse's credit?
A: "If only one spouse is on the note, but both spouses are on the mortgage anything that affects the credit of the person on the note will not affect the credit of the person who's not on the note. If you do a short sale the person who was on the loan, which is the person who signed the note, their credit will be impacted. If the bank does a foreclosure, however, since both parties are likely on the deed both parties will be affected by the foreclosure, which will not directly affect their credit, but when going to apply for a loan might affect both parties."

PURCHASING REAL ESTATE AFTER FORECLOSURE

Q: When will I be able to get another mortgage and buy another house after a foreclosure?
A: "Whether you can buy a home after foreclosure or get another loan really depends on your particular circumstances. If you can purchase a home all-cash without the need of a loan, you can buy a new home the day after a foreclosure. However, if you need the assistance of a loan to complete the payments on the particular home, then you need to
fall into the requirements of the lender that you are talking to. Most lenders require you to have a three-year waiting period after leaving the process of a foreclosure. However, in certain circumstances, if you can prove that there was a hardship, you can typically get one after the first year. Really, your ability to buy a home or get a new loan for the
purchase of a home depends on where you are financially, but you really want to talk to somebody to get the particular requirements in your circumstance."
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  • Home
  • Practice Areas
    • Real Estate >
      • REAL ESTATE AGENTS
      • Selling Home without a REAL ESTATE Agent
      • Seller's Legal Representation
      • BUYER'S LEGAL REPRESENTATION
      • CLOSING COSTS
      • CLOSING DOCUMENTS
      • POST-CLOSING MOVE-IN
      • SELLER'S BREACH OF CONTRACT
      • PROPERTY TAXES
      • EARNEST MONEY DEPOSIT
      • REAL ESTATE PROPERTY SURVEY
    • Title Insurance >
      • Real Estate Title
      • TITLE COMMITMENT
      • TITLE INSURANCE COSTS
      • Types of Property Interests
      • Types of Deeds
    • LOAN MODIFICATION >
      • LOAN MODIFICATION ADVANTAGES
      • LOAN MODIFICATION QUALIFICATIONS
      • LOAN APPROVAL DURATION
      • NON-PRIMARY RESIDENCE LOAN MODIFICATION
      • PRINCIPAL BALANCE ADJUSTMENT
    • SHORT SALES >
      • SHORT SALE TAX CONSEQUENCES
      • SHORT SALE DURATION
      • SHORT SALE DEFICIENCY
      • SHORT SALE HARDSHIP
    • FORECLOSURE >
      • FORECLOSURE PROCESS
      • FORECLOSURE OPTIONS
      • FORECLOSURE - THE SUMMONS
      • DEFICIENCY JUDGEMENT
      • POST FORECLOSURE & CREDIT
    • Landlord/Tenant Law >
      • EVICTION PROCESS
      • EVICTIONS GENERALLY
      • Evictions - Public Records
      • 3-Day Notice: Failure to Pay Rent
      • 7-Day Notice: Tenant to Landlord
      • 7-Day Notice: Landlord to Tenant
      • 15-Day Notice: Termination of Verbal Lease
      • 15-Day Notice: Rent Increase
      • Security Deposit
      • Holdover Tenant
      • CDC Evictions Moratorium
      • LANDLORD SELF-HELP
      • LANDLORD LEASE TERMINATION
    • Small Business Law
  • Meet the Team
    • Juan J. Perez - Founding Partner
    • Juan Blandino - Associate Attorney
    • Yanet Macias - Senior Real Estate Paralegal
    • Berenice Leyva - Legal Assistant
  • Contact Us
  • Online Payment
  • Title Calculator