Best Answer
  • No, the foreclosure will stay on your credit report for 7 years. After you will probably have to request it be removed by submitting a written request to the three major credit reporting agencies.
  • I lost my job, and had to sell my house. My lender filed a petition of foreclosure on my house the same time I sold it. The house was paid off before any foreclosure was done. But it still shows on my credit report. Now I can't get a mortgage loan to buy another house. What can I do? "...the lender filed foreclosure at the same time I sold it...What can I do?"
  • Since foreclosure proceedings were actually filed against you, their appearance on your credit report is correct. This type of information is supposed to show. This is what credit reports are all about. There is no legitimate way to have such information removed.
  • All legal proceedings are public records, open for viewing at the courthouse, thus available to anyone who searches. So even a gimmick method of credit report would only yield temporary results. There are existing safe-guards which ensure that this type of information is reported for its' full time period, which is 7 years from date of filing.
  • Instead of spinning your wheels at this hopeless endeavor; why not educate yourself on the reality of finances and credit. Re-build your savings and credit. In a few years, you will still have the foreclosure showing, but you will also have a record of efforts to recover from this disastrous financial and legal event.
  • 1) There is a difference between a bank filing a foreclosure suit, and actually having your house foreclosed.
  • 2) If you sold the house before a foreclosure judgment was made final in court you were not foreclosed on.
  • 3) Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they've received payment)
  • 4) After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are).
  • 5) The Credit reporting agencies will validate your information with your old lender, after a few weeks, the will let you know the outcome of your dispute. If the old bank does not modify the information, then send the copies of the dismissal to the credit reporting agencies, and have them notate the inaccuracies right into your report.
User Avatar

Wiki User

โˆ™ 2012-05-02 17:51:00
This answer is:
User Avatar
Study guides

Create a Study Guide

Add your answer:

Earn +20 pts
Q: Can a foreclosure be removed from your credit report after the property has been taken back?
Write your answer...
Related questions

Can you get a foreclosure off your credit report?

A foreclosure will be expunged from a person's credit report after seven years have expired from the time the foreclosure was reported. Valid information on a credit report cannot be removed until the required time limit for reportage has expired.

Is it correct for the loan amount of a foreclosed property to appear on a credit report?

what ever the balance was at the time of foreclosure will report on your credit report

How long does a foreclosure initiated stay on your credit?

Foreclosures remain on your report for 7 years. It is difficult to get a foreclosure removed.

If a loan was in foreclosure when property was sold how will it report to credit bureaus?

It reports that it was previously in foreclosure and is now paid-in-full.

Can filing for bankruptcy remove a foreclosure from your credit report?

No, if property has been foreclosed upon the notation will remain on the credit report for the required amount of time of seven years from date of foreclosure. A bankruptcy remains on the credit report for ten years.

Is there still a past due amount on your credit report after foreclosure?

The foreclosure will be on your credit report indefinitely.

Can a foreclosure be removed from your credit report?

Foreclosures can be removed from your credit report like any other negative item. You must dispute it to the credit bureaus. The credit bureaus will have 30 days to verify the foreclosure or it must be removed from your credit report. With the higher amount of foreclosures lately you have a better chance of it being removed. UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.

Can a foreclosure be removed from your credit report if within 2-3 months you rebuy the house from the third party who got your property via auction?

Of course not! Your credit report is damaged because you didn't pay your contractual debts, not because you can't own a house.

How long will a foreclosure be on your credit report and how will it effect your credit score?

A foreclosure can stay on your credit report for over ten years. It will have a significant and negative impact on your score.

If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?

If You Paid The Bank All Moneys Owed, And At Present Are Credit Wise Clear With The Bank. Take Your Report To A Loan Officer Then File A Report With The Credit Reporting Company, This Should Clear This From Your Credit Records.

What if you had a foreclosure and it is not on your credit report?

It sometimes takes a month or two to be added as a negative on your credit report.

What happens to my credit score when my investment property goes into foreclosure?

Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.

How long does a foreclosure stay on your credit report?

A foreclosure will typically remain on your credit report for seven years.

How long is your credit affected after a foreclosure?

Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.

You had foreclosure proceedings started but you sold the home and paid off the bank in full Can the foreclosure proceeding started be remove from your credit report?

If foreclosure proceedings were initiated, and that is all that is claimed on the credit report, then the bank cannot change the report. If the credit report shows that the foreclosure took place, however, the bank would have to correct that. Similarly, a credit card company won't take back any delinquent payments reporting just because the card was paid off. They are legally obligated to report accurately.

Will a deed in lieu of foreclosure go on your credit report?


How do you have a foreclosure removed from your credit report?

You can't. But as long as you pay you bills on time for the next 3-4 years you shouldn't have a problem getting a mortgage

How does having a repossession removed from your credit report affect your credit?

Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.

What will a foreclosure do to your credit report?

Foreclosure is, without question, very damaging to your credit report. All item on your credit report stay there for 7 years, so consider looking into other options. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

When will a 1999 discharged bankruptcy be removed from a credit report?

It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.

Can you lose your general contractor license or your real state license if you have foreclosure in your credit?

You will not lose your general contractor license or your real estate license if you have foreclosure on your credit report. A foreclosure or bad credit is not a disqualification for these types of licenses.

When does foreclosure disappear from the public record section of a creadit report?

A foreclosure does not disappear from the public records section of a credit report. It is much like a judgment that is not satisfied. It stays on the report forever.

How to Erase foreclosure off credit report?

wait 7 years

How do get a discharged chapter 7 removed from your credt report?

You cannot get it removed from your credit report. It will be on your credit report for 10 years and it will affect your ability to get loans and other type of credit accounts.

If a court has found a foreclosure illegal and strikes down the Motion to Foreclose with prejudice how do you get the foreclosure off of your credit report?

If the lender does not correct your credit report, then you could send a letter and a copy of the court's decision to the credit agencies. Still, a notice of foreclosure may remain, and I am not sure whether you can make that go away.