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Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month.
The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
What else can I help you with?
What happens if the mortgage was defaulted and the bank foreclosed but the mortgage was held by investment bankers who bought your loan as part of security investment?
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
How long is a foreclosure on your record?
That depends on the state that your foreclosure is filed in. 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. Try http://www.speedyrealestate.info. Good luck!
When does foreclosure disappear from the public record section of a creadit report?
A foreclosure does not disappear from the public records section of a credit report. It is much like a judgment that is not satisfied. It stays on the report forever.
How to Erase foreclosure off credit report?
wait 7 years
Can you get approved for a home after foreclosure?
You are typically off the market for about 3-4 years after a foreclosure.
How long does a foreclosure eviction stay in record?
What record? The court's records are permanent.Added: And so is your credit history.
What happens if the mortgage was defaulted and the bank foreclosed but the mortgage was held by investment bankers who bought your loan as part of security investment?
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
How long is a foreclosure on your record?
That depends on the state that your foreclosure is filed in. 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. Try http://www.speedyrealestate.info. Good luck!
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
When your house is in foreclosure when do you have to move?
When the property is sold at the foreclosure sale and the deed is made public record, the property is no longer yours and you must leave immediately. If you do not leave, the new owner can have you removed.
When does foreclosure disappear from the public record section of a creadit report?
A foreclosure does not disappear from the public records section of a credit report. It is much like a judgment that is not satisfied. It stays on the report forever.
What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
How to Erase foreclosure off credit report?
wait 7 years
Why wouldn't a foreclosed mortgage appear on a credit report?
Someone erred in entering it into the record or your information about the foreclosure is incorrect.
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
