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How will a foreclosure affect your credit?


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Answered 2009-06-17 11:29:55

Foreclosure is a very damaging entry on a CR, and will cause problems if the person tries to obtain credit (especially another mortgage), in the future. Foreclosures remain on a CR for seven (7) years. Here is an interesting article I read just today on this topic. Here have a look: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/

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Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.


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Will a foreclosure from someone's past affect their spouse's credit?

Will my future wife's forclosure effect me?


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If a couple is married and the mortgage is only in the husbands name will a foreclosure affect the wife's credit?

I hate to sound like a lawyer, but it depends. If you have separate credit reporting accounts, it may affect the wife's credit slightly. If there is only a joint credit account, yes, it will affect the wife's credit the same as the husband's. You can ask the 3 major credit reporting agencies (Experian, TransUnion and Equifax) to separate out your credit histories. If the foreclosure has already started, it may be too late. Get a free credit report from each (once each year) at www.annualcreditreport.com.


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What happens if you are a cosigner on a house that is being foreclosed on?

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How many points does foreclosure decrease your credit score?

how many points dose foreclosure decrease your credit score


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.


How much foreclosure effect your credit rating?

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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.


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If I have a foreclosure on my credit will it affect me in trying to buy real estate?

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Does a timeshare foreclosure hurt your credit after a bankruptcy has been discharged?

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If foreclosure becomes definite what will happen to your credit?

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Why does a creditor claim I had a foreclosure but my report doesn't mention one?

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How do foreclosures affect your credit?

Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.


Will i have good credit if i file bancruptcy on a foreclosure?

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Can a property with easement can be foreclosure?

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