How long does a foreclosure stay on your credit report?
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Answer:
Very good question. The answer is also very simple. A foreclosure can stay on your credit report for 7-10 years! Not only does it effect your ability to get a home loan, car loan, or personal loan; but it also can cause you to have a hard to time finding a place to rent!
Thomas Rushing
Golden Lily Properties
"We Buy Houses"
Thomas@Goldenlily.net
(866) 800-1002
It depends on where you live, but commonly 7 years.
Generally between 7-10 years in most cases.
I do not believe that a foreclosure shows as a foreclosure on your credit report. It could show in the public records section as a lien or judgment. Then it would be there 10 years.
Bankruptcy stays on credit for 10 years, not foreclosure. A foreclosure would be a negative mark for that paticular mortgage and will show up as a judgment. both of these should clear off your account in 6 years. Foreclosure is very bad for your credit, but if you get things back on track, you should qualify for another mortgage after 12 months.
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