The documents that are on file with the local recorders office are permanent, so it will always remain "public record" in that sense. On the other hand, most negative information on your credit report must drop after 7 years and that is probably the question you intended to ask.
Foreclosure is a legal procedure filed against borrowers who have failed to pay a mortgaged home loan. If the loan itself is reported to the credit bureaus, then prior to the filing of the legal action the "tradeline" (account listing) would be notated "foreclosure" or "foreclosure proceedings begun". This idicates the account is seriously delinquent and filing of legal action is imminient. This "reporting" is done by the lender/Data Furnisher. This entry would remain for 7 years from the month/year the account was last paid on time immediately prior to its' default. If no remedy is provided (quick sale, deed in lieu of foreclosure or payment in full), then the lender proceeds to file the actual legal action. This does not "get reported". Rather, as with all public records, independent contractors scan public records and re-sells these to various databases, including the three major credit bureaus. By this method, the legal action of foreclosure finds its' way onto your personal credit report. The legal item would be displayed on your credit report for 7 years from the date of filing. So, it is possible to have two notations, one in the "account history" section and one in the "public records" sections, of the same foreclosure. Both entries would be correct. The public record would remain for slightly longer than the account entry notation. If the foreclosure is accurate, there is little a consumer can do to have it removed. This information would be considered vital credit data. Foreclosure is huge indicator of credit risk and is the exact reason that credit information is referenced by prospective lenders. If, on the slim chance, you did manage to have an accurate foreclosure item removed from your credit report; the public record at your local courthouse would still remain. Thus, the record would most likely reappear on your credit report in the future. It can be extremely difficult to obtain a mortgage loan with a foreclosure listed on your credit report. Obviously, this is the biggest indication to lenders that you do not repay home loans. It is also the best reason to avoid foreclosure at all costs. Even a deed in lieu of foreclosure is better than allowing a lender to file against you.
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