Tumbling FICO Scores Make for Slow Real Estate Recovery

by Isaac Benmergui, Esq on December 15, 2011

Consumers who lost points on their credit score are finding it harder to obtain mortgage loans, slowing recovery of the real estate market. Banks are skittish to lend in the first place, but would-be purchasers who saw their FICO score take a hit of 20, 50 or even 100 points, aren’t finding the financing they need to purchase the home, which would help the market recover. Even homeowners looking to refinance their home to take advantage of lower interest rates, thereby keeping their home out of foreclosure, are having a tough time.

Across the board, nearly 50 million Americans saw a FICO score drop of more than 20 points; slightly less than half of those experienced a 50 point drop.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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