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Registered: ‎06-26-2014
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

Reading all of your post, you seem like a level headed person, who has thought this through and has a game plan. I echo those before me, it takes a lot to share such inimate things, I'm cheering for you to get through this and turn this around when it is all said and done. Thanks for your willingness to share! 


Starting Score: EQ 615 (MyFICO) TU 588 (Walmart) EX 576 (EX Website) Started this journey 06/26/2014
Current Score: EQ 710 (MyFICO) TU 673 (Walmart) TU 726 (MyFICO) EX 706 (MyFICO) As of Sep 2015
Goal Score: 750 or higher across the board

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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

EW800 wrote:

You may have a very good point in regard to this just being one account, vs. multiple accounts.  It does appear that perhaps most of the pain has been done, like you said, with at least one scoring model even showing the increase of a point.  

 

It will be interesting to see what takes place with your scores once the balance on the account goes to $0.  If I remember correctly, that is when I started seeing nice gains in the following months.  

 

How is it going with the mortgage company?  Just curious if you are in touch with them or are they calling a few times a day?  

 

Thanks again for your willingness to share this journey!  

  

 


 At what point point does the balance go to $0?  The simulator said I should be back around 730 in 2 years. 

 

 

As for as the mortgage company... I have about 300+ robo-calls that have all been placed on the rejected list and were sent to voice-mail


In regard to when the balance went to $0, if I remember correctly, it was exactly six months after the foreclosure was complete.  It was in Minnesota, which has a six month redemption period, so the mortgage company waited that six months before showing foreclosure as final and changing the balance to $0.  I would assume in states that do not have a redemption period, the balance would go to zero as soon as the process is complete.  I was only monitoring Equifax real closely at the time, but I think that it was when the balance went to $0 that I began to see the slow score rising.  I assume that this is because you are no longer considered late at that point.  You are basically current then, but get spanked for all the lates and foreclosure up to that.  

 

Based on what I went through, I would think that 730 in two years would be about right - or possibly a bit sooner.   I was knocking on the door of 700 at about 18 months after the six month redemption period was complete.  I think I was held down more than you would be, as I also had a CC settlement, which I know you do not have.  I would think that with everything else being perfect payments and itfyour Util is very low, you will easily see that range in two years or less.  Smiley Happy

 

I am looking forward to seeing how quickly you recover!   Smiley Happy 

 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
June 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $185.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


EW800 wrote:

In regard to when the balance went to $0, if I remember correctly, it was exactly six months after the foreclosure was complete.  It was in Minnesota, which has a six month redemption period, so the mortgage company waited that six months before showing foreclosure as final and changing the balance to $0.  I would assume in states that do not have a redemption period, the balance would go to zero as soon as the process is complete.  I was only monitoring Equifax real closely at the time, but I think that it was when the balance went to $0 that I began to see the slow score rising.  I assume that this is because you are no longer considered late at that point.  You are basically current then, but get spanked for all the lates and foreclosure up to that.  

 

Based on what I went through, I would think that 730 in two years would be about right - or possibly a bit sooner.   I was knocking on the door of 700 at about 18 months after the six month redemption period was complete.  I think I was held down more than you would be, as I also had a CC settlement, which I know you do not have.  I would think that with everything else being perfect payments and itfyour Util is very low, you will easily see that range in two years or less.  Smiley Happy

 

I am looking forward to seeing how quickly you recover!   Smiley Happy 

 

 


Oh I see.  So if the bank takes 6 months to start proceedings, and another 6 months to complete, then I might be looking at least a year out before I get "foreclosure" being reporting on my credit?  Only thing I am wondering now if how all this affects my property taxes?  If the house takes forever to foreclose on, then I could be hit with a property tax lien as well, correct?  Thoughts?

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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

EW800 wrote:

In regard to when the balance went to $0, if I remember correctly, it was exactly six months after the foreclosure was complete.  It was in Minnesota, which has a six month redemption period, so the mortgage company waited that six months before showing foreclosure as final and changing the balance to $0.  I would assume in states that do not have a redemption period, the balance would go to zero as soon as the process is complete.  I was only monitoring Equifax real closely at the time, but I think that it was when the balance went to $0 that I began to see the slow score rising.  I assume that this is because you are no longer considered late at that point.  You are basically current then, but get spanked for all the lates and foreclosure up to that.  

 

Based on what I went through, I would think that 730 in two years would be about right - or possibly a bit sooner.   I was knocking on the door of 700 at about 18 months after the six month redemption period was complete.  I think I was held down more than you would be, as I also had a CC settlement, which I know you do not have.  I would think that with everything else being perfect payments and itfyour Util is very low, you will easily see that range in two years or less.  Smiley Happy

 

I am looking forward to seeing how quickly you recover!   Smiley Happy 

 

 


Oh I see.  So if the bank takes 6 months to start proceedings, and another 6 months to complete, then I might be looking at least a year out before I get "foreclosure" being reporting on my credit?  Only thing I am wondering now if how all this affects my property taxes?  If the house takes forever to foreclose on, then I could be hit with a property tax lien as well, correct?  Thoughts?


A lien might show up on your report but it is paid by the entity that forecloses and would then show as paid.  The lien is against the property. 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

EW800 wrote:

In regard to when the balance went to $0, if I remember correctly, it was exactly six months after the foreclosure was complete.  It was in Minnesota, which has a six month redemption period, so the mortgage company waited that six months before showing foreclosure as final and changing the balance to $0.  I would assume in states that do not have a redemption period, the balance would go to zero as soon as the process is complete.  I was only monitoring Equifax real closely at the time, but I think that it was when the balance went to $0 that I began to see the slow score rising.  I assume that this is because you are no longer considered late at that point.  You are basically current then, but get spanked for all the lates and foreclosure up to that.  

 

Based on what I went through, I would think that 730 in two years would be about right - or possibly a bit sooner.   I was knocking on the door of 700 at about 18 months after the six month redemption period was complete.  I think I was held down more than you would be, as I also had a CC settlement, which I know you do not have.  I would think that with everything else being perfect payments and itfyour Util is very low, you will easily see that range in two years or less.  Smiley Happy

 

I am looking forward to seeing how quickly you recover!   Smiley Happy 

 

 


Oh I see.  So if the bank takes 6 months to start proceedings, and another 6 months to complete, then I might be looking at least a year out before I get "foreclosure" being reporting on my credit?  Only thing I am wondering now if how all this affects my property taxes?  If the house takes forever to foreclose on, then I could be hit with a property tax lien as well, correct?  Thoughts?


Just going by my experience, you are correct.  If the bank takes six months to begin proceedings and then another six months to complete, it would then be a good year before the late reporting stops and your balance goes to $0.  As I mentioned, mine took a bit longer becasue of the State of MN redemption period.  

 

In regard to property taxes, very good question.  I am pleased to see that cashnocredit responded, as that aspect was not clear to me through the process.  A couple of months after my foreclosure was complete, I woke up in a cold sweat thinking about that apsect.  I called the county that the property was in to inquire about anything that was due.  I was advised that nothing was owed, and even pressed them to make sure that nothing from the past was owed.  It seemed strange to me that I supposedly did not owe them anything, nor did they owe me anything -- did not seem logical that it would be a net $0 each way.  I again called about a month later and was advised that nothing was owed and I and the property was clear.  From what cashnocredit is saying, it now makes sense.  

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
June 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $185.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

[ Edited ]

Thanks for the heads-up!

Also, I just bought my Equifax report so here is the latest information:

 

FICO Scores as of 02/2015 - 60 Days Late Reporting (all scoring models):

Equifax 04 - 626                                                           

Equifax 08 - 633                Experian8 - 629                  TU08 - 640

EQ Home - 626                 EX Home- 651

EQ Auto 8 - 641                EX Auto 8 - 640

EQ Auto 5 - 658                EX Auto 2 - 682

EQ Bank8 - 652                EX Bank8 - 652

EQ Bank5 - 653                EX Bank2 - 691

 

FICO Scores as of 03/2015 - 90 Days Late Reporting (all scoring models):

Equifax 04 - 622                                                         

Equifax 08 - 636               Experian8- 630            Trans 08  - 640

EQ Home - 622                EX Home - 638            TU Home - 648

EQ Auto 8 - 644               EX Auto 8 - 641           TU Auto8 -  646

EQ Auto 5 - 654               EX Auto 2 - 670           TU Auto4 -  661

EQ Bank8 - 653               EX Bank8 - 653           TU Bank8 - 662

EQ Bank5 - 649               EX Bank2 - 669           TU Bank4 - 662

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Registered: ‎08-04-2014
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

With the start of the new year, I made many life altering decision: attending more classes to get my bachelors, leaving the military service, and yes - leaving the 800 club for a foreclosure.  Before I missed my first payment, I paid off my auto loan, maitained 1% utilization on my credit cards, and set up an emergency fund for unexpected expenses.  But let me give you some quick background notes so it makes more sense. 

 

It has been over 18 months, every month, of making $1,200+ mortgage payments for a house that no one lived in.  My wife at the time decided to cause over $20,000 in damage when she moved out and left me with the cleanup.  Insurance wouldn't cover "intentional damage" and I didn't have the money to make the repairs.  Over the months I wanted to make sure I became financially secure no matter what.  My ex decided to leave the state mid-divorce (she represented herself) and since I am in a community property state, I would need her signature to sell the house.   Prior to not making my payment,  I tried for months to see what "other" options were available through my bank, but alas, community property stipulations wouldn't allow me to do ANY sort of sale on my own - even though I am the sole owner on the deed and mortgage.  So as of January 2015, I went from full time job to full time student, and now 30 days past due on my mortgage.  And instead of getting depressed about it, I decided I would turn my experience into a score update thread.  This way, the community can see how much damage each late does from 30 to 60 all the way to foreclosure.  I will update this thread every time I get my monthly FICO score updated.

 

 

Account Age:

Oldest: 7 years

AAoA: 4 years (rough estimate)

Newest: 1 Month (approved for Chase Freedom with best APR with 30 day late reporting Smiley Happy)

 

FICO Scores as of 12/2014 - Absolutely no derogatories:

EQ04 - 790 / /  EX08 - 814  / /  TU08 - 829

 

FICO Scores as of 01/2015 - 30 Days Late Reporting:

EQ04 - 697  / /  EX08 - 702 / /  TU08 - 705

 

FICO Scores as of 02/2015 - 60 Days Late Reporting (all scoring models):

Equifax 04 - 626                                                           

Equifax 08 - 633                Experian8 - 629                  TU08 - 640

EQ Home - 626                 EX Home- 651

EQ Auto 8 - 641                EX Auto 8 - 640

EQ Auto 5 - 658                EX Auto 2 - 682

EQ Bank8 - 652                EX Bank8 - 652

EQ Bank5 - 653                EX Bank2 - 691

 

FICO Scores as of 03/2015 - 90 Days Late Reporting (all scoring models):

Equifax 04 - 622                                                         

Equifax 08 - 636               Experian8- 630            Trans 08  - 640

EQ Home - 622                EX Home - 638            TU Home - 648

EQ Auto 8 - 644               EX Auto 8 - 641           TU Auto8 -  646

EQ Auto 5 - 654               EX Auto 2 - 670           TU Auto4 -  661

EQ Bank8 - 653               EX Bank8 - 653           TU Bank8 - 662

EQ Bank5 - 649               EX Bank2 - 669           TU Bank4 - 662

 


Hello JagerBombs89! Thank you for sharing your story with us. I am sorry that you are having a difficult time financially, but I LOVE your response to your current situation. Stay positive!!! Stay focused!!!

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 05/04/17 EQ 781 TU 776 EXP 792
Current Score: 776
Goal Score: 800
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Senior Contributor
Posts: 6,075
Registered: ‎08-04-2014

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


NRB525 wrote:

Let's stick to the issues directly addressable. Decisions about life choices are not really something we can comment on.

 

If there has been no way to get complete participation by the ex to resolve this, and this is not the OP primary residence, then there may need to be the drastic action OP is taking.

 

As I've noted elsewhere, cash flow takes precedence over any FICO score considerations. This house is a big cash flow consideration that is best resolved soon so that the OP can get on with life.


I agree NRB525!! There are comeback stories all over this forum. He will be able to bounce back financially from the loss. However, in the end, you NEED money for day to day living.

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 05/04/17 EQ 781 TU 776 EXP 792
Current Score: 776
Goal Score: 800
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


tufa4311 wrote:
I agree, to consider, while ensuring one is fully informed.
On a side note, this is why this board is awesome, we have informed people *fighting* to help each other Smiley Happy

I agree!

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 05/04/17 EQ 781 TU 776 EXP 792
Current Score: 776
Goal Score: 800
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

[ Edited ]

tufa4311 wrote:

NRB525 wrote:

Let's stick to the issues directly addressable. Decisions about life choices are not really something we can comment on.

 

If there has been no way to get complete participation by the ex to resolve this, and this is not the OP primary residence, then there may need to be the drastic action OP is taking.

 

As I've noted elsewhere, cash flow takes precedence over any FICO score considerations. This house is a big cash flow consideration that is best resolved soon so that the OP can get on with life.


I'm going to disagree, I think my point speaks directly to the issue. The actions being taken here/considered here will lead directly to what this forum is all about. "Life decisions are not really something we can comment on"? We comment on life decisions on this board everyday, choosing what to spend money on with credit cards, how to pay loans off, how to go through BK - these are all life decisions.

 

Has the OP spoken to a lawyer specifically about his financial obligations with regard to the mortgage? I don't think it was confirmed. I am not telling the OP to do or not do any specific action other than to make sure that the OP has all the info required to make a decision as drastic as this. If the OP has not spoken to a lawyer than all the info is not available. You, I, nor the OP know what the legal possibilities are here. All I'm saying is get all the information prior to making a decision such as this.

I knew my point was not going to be liked but I stand behind it, respectfully. I will no longer comment on my point as all my intent was to bring up the point and the ensure ALL options were considered, especially those that we don;t know about, but a lawyer may.


Hello tufa4311!!! I had to take a moment and think about your post. You are right! Everyday we discuss "life choices" on our forum. We ask the questions and offer solutions, but it's up to the OP to take away what they need. I don't think anyone expects members to provide all the details of their personal business on here, but our responses, if taken, do have an impact on "life choices" we all make. K N O W L E D G E is power!!! Even when we think we have asked and answered all the questions in the "what if" scenarios we play out, we ALWAYS forget something. Keep asking your questions!!! You never know when a question or comment can reveal a solution or provide other options that someone may not have thought of.

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 05/04/17 EQ 781 TU 776 EXP 792
Current Score: 776
Goal Score: 800
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