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Mortgages, Modifications and Foreclosures

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Anonymous
Not applicable

Mortgages, Modifications and Foreclosures

Working on rebuilding my credit; however, I lost my job about 4 years ago and worked with loan modification after loan modification.  Finally after four years, the house was just foreclosed on.  My credit report shows 36 months of late payments and foreclosure initiated.  Does anyone know how this will look on my credit report. Will it stay on their for 7 years after the "official" foreclosure is started or 7 years after the foreclosure was initiated? 

 

Message 1 of 6
5 REPLIES 5
KellyP25721
Frequent Contributor

Re: Mortgages, Modifications and Foreclosures

A foreclosure will ding your scores pretty good.  The forclosure will be reported for 7 years form the Date of First Delinquency (DOFD).  Basically, 7 years from the last time the loan was current leading up to the foreclosure.

Starting Score: 573 (EX Faco) | Current Scores: EX(Fico) 674, EQ(Fico) 668, TU(Fico) 691
Message 2 of 6
Anonymous
Not applicable

Re: Mortgages, Modifications and Foreclosures

Thanks for the information, the DOFD was about four years ago, so only 3 more to go, hopefully.  I like your goal of being in the 700 club. I also shamelessly stole your closing.  Thanks again for the response.

 

Starting Score:   524 TU (FICO) - August 2014, 560 (EQ FICO) - January 2015
Current Scores: 550 TU (FICO) - March 2015, 619, EQ (FICO) - March 2015
Goal 700 Club

 

Message 3 of 6
KellyP25721
Frequent Contributor

Re: Mortgages, Modifications and Foreclosures

I kind of got screwed on mine.  I ended up working out a deed in lieu and they set the DOFD to the date that they agreed to the deed in lieu instead of the actual last time it was current which is 18 months later.  I have disputed it but they just keep coming back and verifying it.

Starting Score: 573 (EX Faco) | Current Scores: EX(Fico) 674, EQ(Fico) 668, TU(Fico) 691
Message 4 of 6
Anonymous
Not applicable

Re: Mortgages, Modifications and Foreclosures

Sorry to hear that, but appreciate the insight.  It's really weird, my TU score tanked 25 points with the closing of the account but my EQ score jumped 11 points. Not sure how they are seeing things.  Oh well, however, it happens it happens.  There is only so much I can do. Working on clearing up my credit and not worry about this stuff ever again.

 

Thanks again for your help and insight.

 

 

Message 5 of 6
gdale6
Moderator Emeritus

Re: Mortgages, Modifications and Foreclosures

Here is the relevant statute from the FCRA § 605.

 

(c) Running of Reporting Period


(1) In general. The 7-year period referred to in paragraphs (4) and (6)6
of subsection (a) shall begin, with respect to any delinquent account
that is placed for collection (internally or by referral to a third party,
whichever is earlier), charged to profit and loss, or subjected to any
similar action, upon the expiration of the 180-day period beginning
on the date of the commencement of the delinquency which immediately
preceded the collection activity, charge to profit and loss, or
similar action.


(2) Effective date. Paragraph (1) shall apply only to items of information
added to the file of a consumer on or after the date that is 455 days
after the date of enactment of the Consumer Credit Reporting Reform
Act of 1996.

Message 6 of 6
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