Financing in Orange>Question Details

kwaku710, Other/Just Looking in Orange, CA

How long should short refinance stay on your credit report?

Asked by kwaku710, Orange, CA Sat Apr 13, 2013

My former mortage holder has it on my credit report as "settled for less than full" and it won't clear for 7yrs.

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Hello Kwaku710,

It will stay on your credit report for 7 years.

Think of 7 as "the number of completion". This goes back to Old Testament days, and has been carried over for thousands of years. In those days debts were forgiven if not paid in full by the 7th year.

Negative info on credit reports can stay on for 7 years. After enduring the 7 year penalty , you will be able to start over without the negative info on your credit report.

Best Regards,
Kawain Payne, Realtor
Prudential California Realty
0 votes Thank Flag Link Wed May 29, 2013
It stays on your credit for 7 years and FNMA and Freddie loans will hold it against you for that long too. I do have loan programs that will allow you to buy or refinance after only 3 years if you would like.
0 votes Thank Flag Link Mon Apr 15, 2013
Uncontested it will stay on for 7 years. Or with a little elbow grease it can be deleted. If you're looking to purchase, a short refinance it different than doing a short sale. Let me know if you have any questions.
Web Reference:
0 votes Thank Flag Link Sun Apr 14, 2013
Not sure what you mean. Are you talking about a short sale
Yes, it will stay on your record for that long.
What are you wanting to do? If you want to buy a place most lenders will want you to wait 2 years before you can buy again Email me your particulars and I can answer them more clearly or just give a call. Talk to you soon

Ingrid Ski Realtor
0 votes Thank Flag Link Sun Apr 14, 2013
I have heard less like five years. It would be best to talk to a lender and just see what the say sbout being sble to purchade again and when.
0 votes Thank Flag Link Sun Apr 14, 2013
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