If we go into foreclosure, and the bank takes the house. How long will our credit be affected. Is the credit any better, if approved for a short sale.

January 23, 2008

Posted by TonyLiu

( 0 ratings )

Chapter 7 Bankruptcy:
10 years from date of filing.

Chapter 13 Bankruptcy:
7 years from date paid in full and 10 years if not paid as agreed.

Judgments:
7 years from date filed.

Foreclosure:
7 years from date foreclosed.

Collection accounts:
7 years from the date of delinquency with the original creditor.

Paid Tax Liens:
7 years from date paid.

Unpaid Tax Liens:
Indefinitely from date reported.

Trade lines (line of credit or loan):
10 years from the date paid in full or closed.

Charge offs:
7 years from date of original delinquency.

Closed accounts:
10 years from date closed if paid as agreed.

Payment Patterns:
Credit grantors typically do not consider payment history older than 2 years, but can remain on for as long as 7 years.

Credit Inquiries:
2 years (placed by you or a creditor)

Adverse information:
may remain up to 7 years from date of delinquency

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