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Can a foreclosure be removed from your credit report after the property has been taken back?

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Answer

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Wiki User
05/02/2012
  • 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.