Super PI asked:


I am curious to know how long it would take for someones credit rating to improve after a foreclosure.

Lets say the person pays all bills on time, and pays pending credit bills.

Daysi

4 Responses to “How long does it take for your credit to recover from a foreclosure?”

1. rocky on February 7th, 2010 9:46 am

   Hui

2. sepod on February 7th, 2010 5:24 pm

   Glady

3. drive_55_not on February 9th, 2010 7:49 am

   Larry

   A foreclosure is a major hit to one’s credit, Usually you’ll also have a corresponding 120+day late on your reports,

   Recovery will take 24-months at least as long as you don’t miss any other payments,,, And by recovery, I mean scores in the upper 600′s,

   You probably wont qualify for another mortgage for at least 3-years, and the mortgage holder can seek a deficiency judgment meaning you could be on the hook to makeup the difference in the sale price and what you owed,,,

4. Bo on February 10th, 2010 11:57 am

   Ada

   has a lot of good information on everything about how to protect your house from becoming foreclosed, foreclosure laws, and how to buy houses on foreclosure auctions.