If you sell or repurchase your home before the redemption period expires, does that still show up as foreclosure on your credit history?

Asked by Mdude, 48103 Thu Feb 9, 2012

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Jon Boyd, Agent, Ann Arbor, MI
Thu Feb 9, 2012
I would think that it does, because the foreclosure actually happens prior to the redemption period. For regular homes in Michigan the redemption period is 6 months and it starts after the lender actually takes over ownership via foreclosure.

However, we have seen cases where a lender doesn't report information about their homeowners in foreclosure to the credit reporting agencies. So, there may be exceptions.
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Missy Caulk, Agent, Saline, MI
Thu Feb 9, 2012
Hi Mdude,

No it does not show up as a foreclosure; however your credit in general will have lost points due to the late payments. If all else is current on your consumer debt, it shouldn't take that long to bring your points back up.

It would be wise to pull your credit a few months after paying it off just to make sure. I would use a lender as their credit reports are more detailed than what you can pull on line and they get it from all 3.
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