Q&A: What will a foreclosure do to your credit report?

Question by Kevin Mcall: 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.

Best answer:

Answer by uc410
The results will be very similar.
A foreclosure is second only to bankruptcy in killing your credit.
It will generally stay on your credit report for a 7 years.
But establishing new credit, think secure card, or keeping current credit accounts up to date will help you in the rebuilding process.

What do you think? Answer below!

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4 Comments → “Q&A: What will a foreclosure do to your credit report?”

  1. Shopper

    Nov 19, 2013

    A foreclosure will drop your score about 100 points.
    Google: Short Sale, and consider this an option.
    Will last on your reports for 7.5 years.

  2. Christine

    Nov 19, 2013

    If you can file bankruptcy you should, if the foreclosure is inevitable. The bankruptcy along with this horrible economy and many banks mishandling of foreclosures will put a big stall on the foreclosure process.The other reason for filing bankruptcy before a foreclosure is that it may discharge you from your mortgage. If you are not discharged you may be still liable for a deficiency which is the difference between the balance of the mortgage and what a foreclosure sale price will be. Your credit afterward?
    Well a foreclosure will stay on your credit report for 7 years but with 2 years of good credit meaning no negatives you will be able to be well on your way to enjoying credit again.

  3. ForeclosureDeals.com

    Nov 19, 2013

    It will destroy your credit. I advice you to speak to you lender about getting a loan modification. Filing chapter 13 can help too. I think bankruptcy can always be left as a last option.

  4. Hansford

    Nov 19, 2013

    It will harm your credit in the worst way. My advice to you is to look at other options ie retention options modification, forbearance or repayment plans or maybe even liquidation options like a deed in leiu or a short sale. I work for fannie mae Mortgage Help Center so I would advise to go to knowyouroptions.com to find out more about what you can do or contact Fannie Mae at 1 866 442 8554. This is a free service and im sure you can get the answer that you are looking for.

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