Foreclosure on the Credit Report
When does a foreclosure start getting reported on the credit report. Does it start after the hearing of the foreclosure or does it start when the mortgagor starts going delinquent??
When does a foreclosure start getting reported on the credit report. Does it start after the hearing of the foreclosure or does it start when the mortgagor starts going delinquent??
The Judgment shows when Court action begins (Attorney files for a Hearing on the mortgage Sale).
Once the sale has taken place and the Sheriff accepts a Check from the Winning Bidder -a STRICT foreclosure is Filed by the Sheriff and is reported on the Consumer's Credit File.
Once a loan has been cured (Re-instated) by the consumer (or the buyer who steps in with cash to help an Owner) the record will reflect "DISMISSED" and only a blemish for 10 years. This will be a minor credit nuisance if the owner STAYS CLEAN for atleast TWO YEARS (w/NO LATE PAYS)
A Borrower whom keeps their payments current for 24-months without a late pay(30-Day) showing is what the Mortgage Pros call an (-A) Borrower
By keeping those payments up for 24 straight months and this Borrower will have PREMIER BORRWER Status in the MORTGAGE CREDIT ONLY lenders!
At this time they may even qualify for the PRIME Lending Rate! (That is after pre-Foreclosure/not STRICT)!
and the
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