Greetings neighbors,

For those who may keep up with the real estate market, you are well aware that foreclosures and short sales are becoming pretty prevalent in today's market. However, there are signs that the economy is improving and some economist say the economy's rise is happening a little faster than expected. With some distressed home owners going through the process of foreclosure, many are understandably concerned with the impact a foreclosure will have on their credit.

Recent estimates from Fair Issac, the corporation who developed FICO scores, revealed how your credit could possibly be affected after mortgage delinquency problems. Estimates on the average hit your credit will take are as follows:

Hit of 40-110 points for being 30 days late

Hit of 70-135 points for being 90 days late

Hit of 85-160 points for Foreclosure, Short Sale, or deed-in-lieu

Hit of 130-240 for Bankruptcy

Looking for agents with experience in working with distressed properties? Contact the zac team, RE/MAX Greater Atlanta. Address: 1057 Ponce De Leon Avenue Northeast Atlanta, GA 30306 Phone: (404) 564-7200