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Foreclosure and credit score

The last post in this topic was posted 2828 days ago. 

 

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Hello all,

 

I am looking for some advice as to what I can expect on my credit score with an upcoming foreclosure. Three years ago, I filed chapter 7 bk and my mortgage was discharged in the bk. With that being said, the bank never officially foreclosed on the property and is doing so right now. Over the past few years I have raised my score back up to 700 and have obtained two car loans and a few credit cards. Since there will be no late payments factored into this foreclosure and the mortgage was cancelled in my bk, how will the record of a foreclosure affect my fico score? It will just be a public record addition with no additional late pays.. Ideas?

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Welcome, 15sycamore there our a few outcomes, 1) depends on the state you live in, A foreclosure will cause a credit score to drop sharply, because it will be made public as a foreclosure 30 days late: 40 to 110 points, 90 days late: 70 to 135 points, Foreclosure, short sale or deed-in-lieu: 85 to 160, Bankruptcy: 130 to 240.




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I was under the impression that since the foreclosure was a direct result of the mortgage being in bk, that it will have no impact. No impact on the score, but plenty to affect home buying power. I also hear that they don't report foreclosures at all if they were included in bk.....

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I came here looking for this same answer.

Can anybody else verify that after BK7 and no re-aff that there will be no reporting of a foreclosure?

Thanks!

 

I'm in California if that makes a difference.

 

Thanks!

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tell me whats best for my credit score,foreclouser is filed,am sitting on deed in leiu paperwork they have been waiting on and i also have a realtor thats trying to talk to them about a short sale whats best or worst for my credit,can the bank eraise foreclouser of my report if i send them the deed in leiu?

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