I have a number of 120+ late payments for a mortgage that was a short sale, although I have not received a 1099 as of yet.
My question is regarding a foreclosure and a short sale:
Once you accumulate numerous 120+ lates, is that the worst mark that you can get on your credit report?
Also, is most of the damage already done by that time with a FICO score?
Yes. I am hopefully to get a FHA loan after 3 years. Opportunity to rebuild, etc.
My fico is 657, so I am hopeful in a few years.