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Your Credit Situation After Foreclosure

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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.

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