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qednick

Foreclosure: how long on credit report

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Can't seem to find a straight answer to this anywhere (including TU, EQ, EX websites) so wondering if anyone here knows the definitive answer to this:

 

Let's say you've been delinquent on your mortgage for a long time, eg. not made a single payment in 4 years. Then, after the 4 years the bank finally decides to start foreclosure. How long will that foreclosure stay on your CR's? Is it 7 years from the foreclosure or 7 years from the date of last activity on the account (ie. from the first date of delinquency)?

 

 

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If they take you to court and get a judgement to enforce the foreclosure, the judgement stays for 10 yrs from the date of the judgement.

You might want to contact them and offer a "deed in lieu of foreclosure". The foreclosure itself is just another bad debt, but, you're better off keeping it out of court.

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