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Should a foreclosure appear on your credit report when the mortgage company initiates the process or after the foreclosure sale?
Wiki User
∙ 16y ago
After the foreclosure is finalized and the property has reverted back to the lender. The original mortgage loan account shows in the "credit" portion of your credit report. The industry term for its' appearance is "tradeline". Ordinarly, mortgage loans, like other types of trade lines, remain with the original creditor for 180 days after they become delinquent. This is a standard amount of time and may vary according to your specific contract. After 180 days of not being paid, creditors normally take action. If the account is for a vehicle loan, an order for repossession is put into effect; if the account is a credit card, it is "charged off" or sold/transferred to collections (either in-house or outside collection agency); if the account is a mortgage loan, foreclosure proceedings are begun. This notation is then placed on the tradeline. A foreclosure, once filed, is a legal action. A separate listing of the legal filing then gets reported in the "public records" portion of your credit report. It shows the date the legal action was filed, has a separate period of time (commencing on the filing date)for how long it can show on your credit report and now needs a disposition. So the answer to your question is that a foreclosure notation may show twice on your credit report in different areas, both when proceedings have begun and after the foreclosure has been granted.
The notice of foreclosure will show as soon as the process begins. This will show in the area of the usual tradelines where the lender is listed. When the foreclosure is finalized, there will be a paid date showing on the record. There will not be any notice in the Public Records section since it is not a court record.
Wiki User
∙ 16y ago
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If a mortgage payment is forty five days late will they foreclose?
State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
What is the foreclosure process on your house?
That depends on your state. The laws for foreclosure are set by state. 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.
Explain the foreclosure process?
The process varies depending on state. For more information, visit http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp. 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.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
If a mortgage payment is forty five days late will they foreclose?
State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
What is the foreclosure process on your house?
That depends on your state. The laws for foreclosure are set by state. 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.
Explain the foreclosure process?
The process varies depending on state. For more information, visit http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp. 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.
how long can foreclosure take?
typically, the mortgage company will start the foreclosure process about 3-6 months after the first missed mortgage payment The timeline of the foreclosure process will depend almost entirely on the state law a good place to find information is: www.Foreclosurefish.com
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
In simple terms what does it mean to receive a deed in lieu of foreclosure?
A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?
There is a process called a Deed in Lieu, which is different than a foreclosure.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
What are the foreclosure laws in New Jersey?
At least 30 days before starting the foreclosure process, the lender mails a letter to the borrower warning of the impending foreclosure. During this pre-foreclosure period, the borrower can prevent the foreclosure by paying off the amount in default. The lender initiates the foreclosure through the courts and records a lis pendens (notice of pending lawsuit) with the county clerk. The lender can sue for either the default payments or the entire unpaid principal balance on the loan. The borrower is notified of the foreclosure action in person or by publication if necessary. After being notified, the borrower has at least 35 days to respond or the court will make a ruling. If the court rules against the borrower, a sale date will be scheduled. 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.
