The repossession of a home can be disastrous on several levels, from a homeowner's seriously damaged credit rating to the displacement of a family. However, mortgage lenders are no different than other creditors. Lending institutions want their money and take action when New York consumers fail to make payments on time.
Credit reports and ratings are used by financial institutions and employers to determine whether New York consumers are creditworthy. Consumers invest a lot of energy in making sure credit scores are high to avoid credit, loan and job rejections. A credit report may contain mistakes including personal debt discharged during bankruptcy.