If you are in forclosure, how long will it remain on your credit report?

Question

If you are co-borrower on a property and you are in forclosure, how long will the forclosure remain on your credit report, is it 3yrs or 7yrs?

Answer 1

7 years....depends on if you file a bankruptcy which will stay 10 years....check your statue of limitations for written contract debts

www.bcsalliance.com

Answer 2

The defaulted mortgage will stay on your credit file for 7-1/2 years from the date of first deficiency.  This is per the FCRA and nothing restarts this period.

However, the foreclosure could also show up as  a public records item and those stay for 10 years.

The Statute of Limitations (SOL), the timeframe to bring lawsuit, varies from state to state and is often merged and confused with the reporting period.  They are two completely different things with different rules.

Answer 3

bdancer222 is correct.

With the exception of judgments the S.O.L. in your State whatever it is has nothing to do with how long things show on your credit report.

And as far as bankruptcy's only th BK itself (ch-7) shows for 10-years the accounts included drop off after 7.5 years.

I know this for a fact because I went through it back in early 2001 and every account that was included in my BK is now gone from my reports.

Answer 4

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