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Hello:
My home (foreclosure) was taken back by the lender via auction.
My questions are:
How long before the foreclosure is reported final, meaning the deed has transferred back?
When will it show up on my credit report?
What kind of paperwork will I receive if any?
I realize I could be sued for a deficiency and I realize my credit will go down 100+ plus
Just trying to understand what to expect.
Thanks,
When my foreclosure hit I experienced credit line reductions and credit lines being closed by the lenders. It didnt matter that I was never late etc with other creditors, they reduced limits and or closed accounts to protect themselves. I didnt realize just how far reaching a foreclosure would have on ones credit.
You might not receive anything from the f/c auction as far as a notification goes.
The best thing for you is the go to the property appraisers website for the county where the property is located and download a copy of the deed showing the date that the deed transferred from you back to the bank.
Then check your state's statues to see the timeframes that the lender has in order to come after you for the deficiency.
There are different requirments in each state.
Hello.
I have a question for you. I am considering forclosing on my home. I have very good credit at this point. I see you said that your grantors closed accounts and reduced credit lines. How did the foreclosure affect your credit score and how long did it take for it to go back up? Also how long was it before you were able to get new credit cards or have your limits increased on the ones that were decreased? Once you did open new accounts did they give you high interest rates?
Sorry I have so many questions. Thanks