Question : What will a foreclosure do to your credit report?
If my home goes into foreclosure, but i dont file bankrutcy, What will it do to my cedit report.
- asked by
All Answers:
Answer #1
The results will be very similar. A foreclosureis second only to bankruptcy in killing yourcredit.It will generally stay on your creditreport for a 7 years. But establishing new credit,think secure card, or keeping current creditaccounts up to date will help you in therebuilding process.
- answered by uc410
Answer #2
A foreclosure will drop your score about 100points.Google: Short Sale, and consider this anoption.Will last on your reports for 7.5 years.
- answered by Shopper
Answer #3
If you can file bankruptcy you should, if theforeclosure is inevitable. The bankruptcy alongwith this horrible economy and many banksmishandling of foreclosures will put a big stallon the foreclosure process.The other reason forfiling bankruptcy before a foreclosure is that itmay discharge you from your mortgage. If you arenot discharged you may be still liable for adeficiency which is the difference between thebalance of the mortgage and what a foreclosuresale price will be. Your credit afterward?Well aforeclosure will stay on your credit report for 7years but with 2 years of good credit meaning nonegatives you will be able to be well on your wayto enjoying credit again.
- answered by Christine
Answer #4
It will destroy your credit. I advice you to speakto you lender about getting a loan modification.Filing chapter 13 can help too. I think bankruptcycan always be left as a last option.
- answered by ForeclosureDeals.com
Answer #5
It will harm your credit in the worst way. Myadvice to you is to look at other options ieretention options modification, forbearance orrepayment plans or maybe even liquidation optionslike a deed in leiu or a short sale. I work forfannie mae Mortgage Help Center so I would adviseto go to knowyouroptions.com to find out moreabout what you can do or contact Fannie Mae at 1866 442 8554. This is a free service and im sureyou can get the answer that you are looking for.
- answered by Hansford
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