Foreclosure about to fall off

[fezwhy]

Long story short I foreclosed was finallized and sold in 2008.

I had 2 mortgages one from US bank and the other from Bank of America.

They were both listed as charged off in 2008 and are set to fall off this year as sol in my state is 6 years.

 

Will I see a bump in my score at all once both of these mortgages fall off?

These are not my oldest tradelines either.

I understand that 35% of a fico score is made up of making payments on time. Once these fall off that only leaves 1 thing negative on my credit to clean up yet.

[CTSoxFan]

Don't confuse the SOL with the amount of time an item reports on your CRs. The SOL is the length of time in which a creditor can sue you to try to recover the debt. Regardless of the SOL, negative information can remain on your report for 7 years, 10 in the case of BK7. Therefore they won't "organically" fall off until 2015. You should do some reading to see if there is something being reported incorrectly that you can dispute and maybe have it removed early.

[fezwhy]

Upon further review everything appears to be reporting correctly. I can live with another year of it being on my report. I have at least 3 more years before I plan on buying a house.

[flaca2475]

Once the foreclosure is removed from my credit report, can I legally answer "No" to the question on many applications about whether you have a foreclosure/bankruptcy?

[breeze]

Once the foreclosure is removed from my credit report, can I legally answer "No" to the question on many applications about whether you have a foreclosure/bankruptcy?

 

No, it's a public record. It will always be there, and if asked directly if you have ever had a foreclosure, you should answer yes.

[Em n EM]

fyi-for those wanting to buy a home again-fha guidelines are 2 years from sheriff sale date on a short sale, and 3 years from sheriff sale date on foreclosure. Unless related to a verifiable illness or job loss then it's 1 year and you have to give proof. =)