Foreclosure

• 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.

Once it is reported to the credit reporting agencies, it is very tough to have it removed. However, you can get them to mark it "satisfied" by providing documentation of such along with a letter of explanation. Keep copies of all correspondence with the agencies.

Information about the specifics of credit scoring is largely emphirical and based on trial and error. The Fair-Isaac company, who pioneered credit scoring, is very secretive about the exact working of their software. In addition, credit scores compute ALL the information showing in your credit report each time it is calculated. Changes in your debt to available credit, other derogatory information (like late payments and collection accounts) and when these things occured are taken into account. History, specifically what has taken place in the last twelve months, is factored a full 35%. So if the foreclosure was within that time period and was removed, your score would recover a significant amount of points. If the foreclosure was older, it would not impact your credit score nearly as much.

It varies and can be quite a lot.

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From personal experience, I would say by a LOT!

In my case, it took my FICO from about 785-805 range in the three reporting agencies down to 680-700. I think only one made it over 700. It was to say the least a staggering move.

The irony is that the lien was a mistake. You will not believe it but 6 months of back and forth with IRS resulted in a letter from them summing up things saying instead of them owed $130,000, they actually owed me $419 and hence sent me a check. The lien field is a 3 month lien that had to be "renewed" and hence they did nothing but let it lapse.

I subsequently took those documents to each of the three reporting agencies and informed them that IRS made a mistake and they should bump me back. That has proven to be a waste of time. The reporting agencies claims as long as there is a court record of the lien, that is all that matters. The argument presented to me was that it is not the lien alone as much as the fact that the issue escalated into a lien and court filing that matters.

I have attempted to have the country court records "corrected" but I was told that was a larger waste of time. Today, about 14 months after the resolution of this matter, my FICO averages about 700 with still only one actually over 700.

A foreclosure will show on your credit for seven years from the date of last activity.

The federal statue of limitations is also seven years for the legal notice of foreclosure in the public records portion of your credit report.

There may be other state laws which extend this statue of limitations. The Fair Credit Reporting Act is worded "...whichever is longer..."

This depends upon the specifics of the contract, the mortgage, that you signed at the time of closing. Many mortgages have acceleration clauses which allow lenders to call the note due early under different circumstances. Read your mortgage and note to get the specifics in your particular case or consult a real estate attorney. In general, when any account gets 150 days past due, an R5, I5 or M5 status on the bureaus, that is when action begins. In the case of a mortgage, foreclosure proceedings are initiated at that point. how long can you stat in home after mortgage company starts foreclosures

There is no difference in method for disputing various derogatory items. You dispute a foreclosure with the same technique as disputing late payments, collections or judgments. You need to aware that the information on legal entries is verified before they are listed on your credit report. Judgments and foreclosures, which begin as trade lines in the credit report, are "double" verified. The standard of verification for trade lines, (the credit accounts before they become legal entries) is name, date of birth, address, social security number. There are different standards for legal items in the public record portion of your credit. Those entries often do NOT have your social security number recorded. However, if a foreclosure is listed in both places, and is accurate and belongs to you; there is little you can do to make this disappear prior to the statute of limitations running out.

UPDATE: Actually, you can force Equifax, Experian and TransUnion to remove a Foreclosure from your credit report and you can do it legally using a federal law that is in place. Credit Bureaus MUST have "verifiable proof" of the "foreclosure account" in their files if they are going to report the negative item on your report. The dirty little secret the credit bureaus don't want you to know is that they do not have any "verifiable proof" in their files for any of the negative items on your credit report. The bank that held your mortgage may have this information on file but the credit bureaus don't. If you request the credit bureau to provide you with the "verifiable proof" that they have in their files they will remove the negative from your file.

You can attempt to have this information removed from your file just like you would any other derogatory information. You should be aware that legal items are verified prior to being placed on your credit report, have different standards of verification and (unless they are on your report in error) usually are not removed.

A foreclosure will cause a significant decrease in your credit score. The entry will count against you once in the "trade lines", which is the part of your credit report that contain information about your accounts. It will show again in the public record portion, once the legal action of foreclosure is actually filed. The legal entry has its own statute of limitations which may extend beyond what the trade line will. The hit to your score for these double entries are calculated based on their reporting/filing date. History accounts for 35% of the score. So two significant hits in one 12 month time period would add up to a huge deduction. In addition to the computation on your credit score; lenders also look at the details of your credit as well. No mortgage lender is going to look favorably on a foreclosure, no matter what the details.

Bankruptcy and foreclosure are both derogatory legal actions in the public record portion of a consumer's credit report. As such, they will each have a significant impact on any person's credit standing. How much either would impact your credit would depend on ALL the factors showing in your credit. You should consult with a knowledgable attorney to discuss the implications prior to proceeding with either action. Bankruptcy, being the last resort for many consumers, has a 10-year statute of limitation. It hopefully clears away all outstanding debt and can (in some states) preserve important assets, like a home. Foreclosure has a 7 year SOL. But there would be a "double hit" to a consumer's credit score; once for the trade line and another hit (with it's own 7 year SOL) for the legal entry. Any consumer having a foreclosure would find it extremely difficult to get mortgage financing for a large period of the time it shows. Obviously, to a mortgage lender, foreclosure is the worst indicator of risk when evaluating a potential borrower for a home loan. So, all factors, including your future goals, would need to be taken into consideration before making a decision between these two actions.

Your first notification should be from your lender notifying you that forclosure proceedings have been filed. All states have very strict laws on how notice of foreclosure is given. This sometimes is a plus in staving off foreclosure, which is not as 'cut and dried" as some believe it to be.

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.

Michigan

TITLE STATE: 1975 and subsequent years. SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Michigan Bureau of Driver and Vehicle Records, 7064 Crowner Drive, Lansing, Michigan 48918. Tel:(517)322-1460. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Collection Practice Board, P.O. Box 30018, Lansing Michigan 48909, (517)241-9239. DOCUMENTS REQUIRED FOR LIQUIDATION: Title must be in lien holder's name. Forward application for title accompanied by a certified copy of the security agreement and an affidavit of repossession. PLATES: Remain with debtor.

Notification (right to cure letter) NOT required. Repo cos. need copy of loan contract, copy of title showing you as leinholder, copy of your wrongful repossession ins. The less professional the company, the less of the above you will be required to show. Its all about CYA.

60 days is usual for most lenders, however, it varies.

Rachelle, try to make a deal with the lender to return the car without the repo. At least ASK them to do it. It is their choice.

same as provided the buyer...you're equal partners in the deal. When you co-sign for a laon, you assume certain responsibilities to keep an eye on your loan. A prudent person would, dont you think???

looks like 6 years. AFTER they get a judgement, they can garnishee your wages, ect. NO JAIL.

It sounds like a lemon...let it go. You have a chance to regroup--save money, buy a better car in the future, with cash.

== == Find out for sure when the water got there and why. Find out if the inspector had insruance if he missed something that had started but was not rael big at the time. Read your insurance policy.

No, if property has been foreclosed upon the notation will remain on the credit report for the required amount of time of seven years from date of foreclosure. A bankruptcy remains on the credit report for ten years.

A reputable Foreclosure Prevention Service can help a person decide what options are the best for them concerning this issue. Some of those options are forebearance, loan modification, deed in lieu of foreclosure and of course bankruptcy. Call your mortgage company and see what options they can offer. Many mortgage companies have a loss mitigation department that handles these types of issues. If you want to keep the house, then your options might include: A forbearance plan, or a repayment plan, which allows you to pay the delinquency over a period of time. For example they might agree to accept 1 & 1/2 payments per month until the loan is brought current. If the mortgage company agrees to a repayment plan, make sure you *get it in writing* and follow the terms exactly, because if you break the terms then the plan is void and you will likely have a very difficult time getting the mortgage company to agree to another one. Another option might be a modification. For example, if you have a high interest rate, and if that were lowered, then you could make the payments

It will depend upon the terms. You may be required to move out immediately. Contrary to the above, I believe a foreclosure always results in the property being sold and there really aren't any terms of this type to deal with in any foreclosure...any rights the prior owner had are always extinguished...one of these is possession. hat is basically the whole point of the process...the property is sold, eliminating all the rights of anyone (other mortgage holders, etc), to get the most money for the foreclosing party. While the courts may have sympathy for the party being foreclosed, they cannot reserve any rights from the sale. But, even though it may well be worth more if it was vacant and available for the buyer, the courts are not responsible to evict, (and the debtor is still really the owner and has the right to possess), them before the sale. How long the foreclosure takes can be another story. This can be state and even local region specific essentially. It may depend on whether you have a mortgage or a deed of trust, which most areas use now. Generally, after a foreclosure, you become an "occupant in adverse possession" and something essentially the same as an eviction process must occur. How long till the sheriff is ordered to move your stuff into the street can depend on many things, including how busy the court is, how busy the sheriff is, if you have minor children, if it's near Christmas, etc. When the new owner takes possession, you can be evicted immediately, if you are even permitted to stay until the foreclosure is completed (assuming you have no lease or other right to stay). You are only slightly better than an ordinary trespasser. The length of "immediately" is determined by local procedures (e.g., 14-day notice to quit, 30-day notice of eviction, default judgment, locks are changed, order of removal, sheriff puts your things into storage, you are arrested for breach of the peace, etc). Could be as little as 40 days, or longer if you present valid defenses or otherwise continue the matter before the court. On the other hand, you could negotiate a lease or tenancy at will from the new owner and stay a bit longer.

NO, they can attach a lien to be paid FIRST if/when the home is sold.

Credit scores are calculated based on ALL the information in a consumers' file at the time the score is requested. Without detailed data about the complete context, even a guess would be inaccurate. Credit scoring software is also proprietary. If Fair Isaac told us how they figure out scores, they would be giving away their business secrets.

There is a lot of general information on the factors taken into consideration. You can find general guidelines at www.ftc.gov and at www.myfico.com