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Can a foreclosure be removed from your credit report after the property has been taken back?

Asked by Trulia Houston, Houston, TX Wed Dec 5, 2012

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Rene Castillo’s answer
Keep in mind the following information is my opinion and you should consult an expert in the field.

From my understanding, a foreclosure will stay on your record for 7 to 10 years. Regardless what happens to the property, it will still show adversely on your credit. Your credit report is a documentation of your payment history, almost like a report card. Just because they took back the home does not change the fact payments were late and the foreclosure happened.

I hope this helps!
1 vote Thank Flag Link Wed Dec 5, 2012
BEST ANSWER
The guidelines are 3 yrs out from the foreclosure date if you want to purchase another property.

As far as getting it removed off your credit report, I've heard credit repair companies claim they can remove them, but I've yet to see any removed.


Anna Maria Durr, NMLS 266699, TREC 596662, Codemark Financial,
2626 Richmond Ave., Houston, Texas, 77098, 281-592-0667
anna@codemarkfinancial.com
1 vote Thank Flag Link Wed Dec 5, 2012
It will take period of at least three years or more for this to be cleared from ones credit report as far as I know.
0 votes Thank Flag Link Wed Dec 5, 2012
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