Foreclosure Question

[Anonymous]

I purchased my 1st home in 2008. In 2015, my job was eliminated and I called my mortgage company to let them know. The representative told me to send in whatever money I could until I got back on my feet. I started a new job a few months later but had fallen behind with my mortgage. I was sending the mortgage company money (thru bill pay from my bank) but they refused to accept it unless it was the entire owed amount. My last successful payment was May 2015. I tried a "foreclosure prevention company", bankruptcy (which was dismissed), and a short sale (which was declined) before the bank finally foreclosed in November of 2018. My credit score is horrible (477) and I am trying to pay off other debts to raise it. Now to my question: Does the 7 years start from June 2015 (first "missed" payment after successful payment) or November 2018 (when the foreclosure sale actually happened)? When I look at my credit report, it just says closed and paid in full. Thanks for your help.

[FireMedic1]

Welcome @Anonymous 

A foreclosure stays on your credit reports for seven years from the date of the first missed payment, bringing down your credit score. After that period of time, the foreclosure mark should automatically fall off your reports.

[radfam]

Our stories are nearly identical. Almost the same time lines and everything. I see your question has been answered about how long it stays on your reports. But there are ways to bring your score up in spite of the foreclosure. Our foreclosure only hit my husbands credit report, so his score tanked to the high 400s as well. From 2015 to now, we have done other things to help his score and he’s over 700 now. Our foreclosure seasoning period just ended in Oct 2018 and we still chose to wait, only just now going under contract to buy another home.

[gdale6]

DoFD would be in 2015 after the account would have no longer been brought current and the max 7.5 yr time period it can remain on your CR is calculated from this date. Welcome to the board