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Valued Contributor
Posts: 1,110
Registered: ‎03-22-2012
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Foreclosure drops off = ?? Points

I know this is a difficult question and any answer would be a ballpark figure, but...

 

I have a foreclosure scheduled to drop off my report this December 2012. How much do you think my score would increase?

 

Has anyone had a foreclosure age off their report? What did it do to your score?



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 4/16/15 - EX 707 3/8/15 - TU 707 3/8/15
Goal Score: EQ 720+
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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Foreclosure drops off = ?? Points


jamie123 wrote:

I know this is a difficult question and any answer would be a ballpark figure, but...

 

I have a foreclosure scheduled to drop off my report this December 2012. How much do you think my score would increase?

 

Has anyone had a foreclosure age off their report? What did it do to your score?


Where are your FICO scores currently ?  And what ( if any ) other negative or derogatory information is showing on your reports ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Posts: 1,110
Registered: ‎03-22-2012
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Re: Foreclosure drops off = ?? Points

Oops! I forgot to say my score is currently 658. It is a very thin file.

 

Thanks!



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 4/16/15 - EX 707 3/8/15 - TU 707 3/8/15
Goal Score: EQ 720+
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Valued Contributor
Posts: 1,110
Registered: ‎03-22-2012
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Re: Foreclosure drops off = ?? Points

My report looks like this:

 

2 new secured cards with $1400 combined CL.

 

The baddies:

 

2005 Federal tax lien for 24K (paid in full on the day it was filed.)

 

2005 City Tax lien for $7300 (unpaid)

 

2008 State tax lien for $614 (unpaid)

 

That's about it. Zero installment loans. Zero mortgages.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 4/16/15 - EX 707 3/8/15 - TU 707 3/8/15
Goal Score: EQ 720+
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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Foreclosure drops off = ?? Points


jamie123 wrote:

My report looks like this:

 

2 new secured cards with $1400 combined CL.

 

The baddies:

 

2005 Federal tax lien for 24K (paid in full on the day it was filed.)

 

2005 City Tax lien for $7300 (unpaid)

 

2008 State tax lien for $614 (unpaid)

 

That's about it. Zero installment loans. Zero mortgages.


It's really hard to know for certain, but I don't know if you'll get much of a FICO bump with having 3 liens still showing......

 

Have you contacted the IRS about getting the Federal lien removed ?  

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Posts: 1,110
Registered: ‎03-22-2012
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Re: Foreclosure drops off = ?? Points

I haven't contacted the IRS yet. They are next on my "Things to do list."

 

Here's my real question:

 

I would like to purchase a home next spring, say 10 months from now. If I'm not successful in having the liens removed will my score increase by the 42 points needed to be in the 700's by then? 700 seems to be where I need to be for the next mortgage interest rate reduction.

 

By April of next year 1 CC will be 1 year old, 1 CC will be 10 months old.

Foreclosure will be gone.

I will be apping for 1 more CC this September. Probably a Walmart card.

I have zero debt aside from the unpaid tax liens.

The tax liens will at least be paid in full by then, but I'm unsure if I will be able to have them removed, but I will try and have them removed.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 4/16/15 - EX 707 3/8/15 - TU 707 3/8/15
Goal Score: EQ 720+
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Regular Contributor
Posts: 236
Registered: ‎07-20-2012
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Re: Foreclosure drops off = ?? Points

Bump!!  Any word on this?

 

My LO says that all leins have to be paid before they will approve a new mortgage.  It is unpaid debt that there is no repayment plan.  They could come get your wages which could affect one's ability to pay the mortgage.

 

I am interested to see what the local LO says about this.

 

Definately call the IRS.  They will remove the Lein.

MyFico '08 MAY15: 706/712/695; Clean since BK7 D/C JUN2011, Util 8%, AAoA 8 yrs, Inc=$100K
New Contributor
Posts: 109
Registered: ‎08-12-2012
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Re: Foreclosure drops off = ?? Points

Jamie 123,

 

You don't have to call the IRS but simply go to their website IRS.gov and search for Form 12277. Complete the form andattach the original liendocumentation and mail to the IRS location for your area. It took them 3 weeks to send me a letter of approval, another 4 weeks to get the actual approval which I used to send to the credit bureaus but it was completely delted from my file. Unfortunately I got only 5 pts total increase for two liens deleted.

 

Good luck


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