Legal Question in Real Estate Law in California

Re: Foreclosure laws/realestate

The fact of the foreclosure would appear on your credit report, along with all the good information about your timely payments of your other mortgage and bills. Each prospective lender would see all this information and draw their own conclusions about your credit worthiness. Obviously, your ability to obtain additional mortgage-type credit on the best possible terms will be impaired. If this is a concern, you should try to work something out with the lender prior to foreclosure, or find a buyer. This should be easier if there is still some equity in the property. In this time of rising real estate values, foreclosures are often unnecessary if the distressed borrower takes aggressive and timely steps during the redemption period.