Seven years! 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.
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.
wait 7 years
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.
There can be no specific answer, as credit scores are based on the person's entire credit history.
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.
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.
wait 7 years
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.
There can be no specific answer, as credit scores are based on the person's entire credit history.
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.
How long does it take for credit score to go up in rating after paying off debt?
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
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.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Ur momma!!
As long it takes for you to pay it off, of course! Unfortunately, your credit history lives as long as you do. Once paid, the record has a postive connotation for life. Huzzah!
Only the decedent's credit record will be affected if they were the only person who signed the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure.