How does foreclosure affects my credit?

Question

For how many years is my credit damage with foreclosure? Is it worse then short sale? thank you!

Answer 1

A short sale is a better option

Answer 2

Foreclosure does a lot of damage to your credit score. On future mortgage applications you have to report to the bank that you had lost a home due to foreclosure. So this will limit your chances of getting a loan for nearly 7 yrs.  Short sale is better compared to foreclosure, as I had read in an article that banks while evaluating a borrower who had a short sale or foreclosure in his past would probably give slight edge to the short sale.

Answer 3

Basically your screwed for around 7 years, if your claim BK then 10 years

Answer 4

7-10 years with the first 2 having the greatest impact.

Answer 5

it stays on your credit for at least 7 years and it's worst than short sale as far as accessing your risk level is concerned.

Answer 6

Bankruptcy or foreclosure shows up on your report for 7 years.

russ