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.
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.
Short answer, it depends on the circumstance. Foreclosure just means that they took back their property according to the terms of the loan. You are still responsible for the entire amount of the note that was not satisfied when the property was sold at auction. Since you probably still owe money to the lending institution, they can still report that you are not making payments on the outstanding amount of the debt. At this point, your only option is to either pay off the remaining part of the debt or file bankruptcy.
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
Both can hurt a lot, but your credit still can be restored after this.
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
The damage to your credit score and how fast it recovers depends greatly on the rest of your credit history. Someone who has no other issues will rebound faster than someone who had other late payments or a lower score to begin with. If the foreclosure is the only issue, the score should begin to rise within a few months and may slowly recover to pre-foreclosure leves over the next couple years. The score is separate from the actual foreclosure reporting as a derogatory item as far as obtaining new credit. It is possible to have an acceptable or good FICO score with a dated foreclosure on your credit and still not be able to get credit because of the derogatory item. The foreclosure itself will report for 7 years but it's impact on your score will less as time goes by.
My guess is that they probably can still list a repo on your credit report. Normally you get a double-hit on your credit report when you surrender property in bankruptcy: you get hit with the bankruptcy (which knocks your credit score down by 75 to 150 points) and you get hit with a repo/foreclosure for the surrendered property. Just because a debt is discharged in bankruptcy doesn't mean that it won't be listed on your credit report, it simply means the debt is no longer collectable. The credit report will continue to show the debt on your credit report and should list it as "discharged in bankruptcy." Similarly, if a person surrenders a home in bankruptcy, the foreclosure still goes on their credit, and if a person surrenders a car in their bankruptcy, it still shows up as a repo on the credit report. So, my guess is that a repossessed car, even one for which the debt was wiped out in bankruptcy and one that was not repossessed for some time after bankruptcy since voluntary payments were made for awhile, will still show on the credit report as a repo when it is ultimately repossessed. I can't say this is a definitive answer, but this is how I think the process works. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
You will not be able to keep your home equity line of credit if your house is in foreclosure or anything similar to it. This is standard across the United States.
If it isn't on your credit report, the credit card company still has hopes of you paying it off. When they see that isn't going to happen, you can bet your butt that it WILL be on your credit report.
If 1099 c is received and the debt is cancelled means that it still remains on your credit report.
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.
It depend on the individual credit card companies if they report on your credit history or not, like some department store credit cards may not show on a credit report
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.
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.
If it has been 19 years and something is still showing on a credit report, you can request to have it removed. Contact the three credit reporting bureaus and ask all of them to remove it for you.
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.
Bankruptcy can stay on your credit report for up to 10 years. If you obtain the credit report directly from the credit reporting agency (ie. Equifax, Transunion, Experion) the report will provide you with directions on how to dispute the information.
If you are responsible for that item, then, yes, it can stay on your credit report--probably indefinitely.
Then you still owe money to the bank.
Best practices dictate that you work with your bankruptcy attorney to answer your questions specifically.
The still stay on your credit report the normal length of time for negative credit entries (7 years). After the discharge, they might still show a balance but should also make not of being included in the bankruptcy.
Yes, your payment history will still be a part of your credit report as well as the Chapter 7.
A repo will stay on your credit report until the remaining balance is paid off or settled, you still owe the amount left on the vehicle even though the car is not in your possession.