Foreclosure?
Question:
Answer:
No, a foreclosure will stay on your credit report for seven years. It does not mean you can't get a new loan before then, but you will pay a much higher interest rate.
well maybe if they can sell the house above the mortgage debt. speak to a professional so you get the right advice.
No forclosures will stay on your credit for about 7 years! You should look into filing for bankruptcy if you dont want to have your score drop dramatically. The bankruptcy will act as an umbrella for your credit by saving some of the good accounts that you have. And by that way you can rebuild your credit with your good accounts in about 2 years without having the foreclosure showing on your credit.
I think 5 yrs instead of 2
No. A foreclosure will stay on your credit report for 7 years. You will find it very difficult to get new credit extended unless its at a very high interest rate.
No, that is not true. A foreclosure, just like other civil proceedings, will remain on your credit at least 7 years
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