You are here: Home Finances Foreclosure Your Credit Situation ...
Information For Living With: Choose condition »
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Foreclosure

Your Credit Situation After Foreclosure

Next » « Previous

7/8

Expect that the bank will report a foreclosure, short sale or deed in lieu of foreclosure to the credit bureaus. The report will read "settled." That means you agreed to settle the debt for less than you owed. This stays on your credit report for 7 years.

The effects of the foreclosure are reduced as time goes on. You may be able to get another mortgage 5 years after discharge. Some government loan agencies currently require only 3 years if there were extenuating circumstances or hardship. Depending upon the down payment, there may also be programs available that require only 1-2 years after a foreclosure.

To learn more, see:


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.