The lender was Option One Mortgage-the balance on the loan was 675,000 and there was a buyer (shortsale) who was approved for 600,000. Option One turned it down and let the house go to auction. No-one bought it until two years later, at around 400,000. The car was my daughters-I cosigned for her, she was fine for about a year or so, then lost her job (she was a loan officer...), and could not manage to keep up, not did she tell me until I could not afford to help her. So that's on my record as well, through Wells Fargo auto finance. Any advice would be welcome....Thanks :0)
Hi swedishphd
Foreclosure cannot be removed from your credit report and it stays there for seven years from the date it gets listed in public records. So it is always better to avoid foreclosure. Moreover, foreclosure can bring down your credit score by as much as 250 points. However, after the listing period of seven years, if it is not removed, you can dispute the listing with the credit bureaus who will remove it from your report.
foreclosure repossession question
Yes.... depend on the lender, give more info to see if I can help you.
foreclosure repossession question
The lender was Option One Mortgage-the balance on the loan was 675,000 and there was a buyer (shortsale) who was approved for 600,000. Option One turned it down and let the house go to auction. No-one bought it until two years later, at around 400,000. The car was my daughters-I cosigned for her, she was fine for about a year or so, then lost her job (she was a loan officer...), and could not manage to keep up, not did she tell me until I could not afford to help her. So that's on my record as well, through Wells Fargo auto finance. Any advice would be welcome....Thanks :0)
Hi swedishphd
Foreclosure cannot be removed from your credit report and it stays there for seven years from the date it gets listed in public records. So it is always better to avoid foreclosure. Moreover, foreclosure can bring down your credit score by as much as 250 points. However, after the listing period of seven years, if it is not removed, you can dispute the listing with the credit bureaus who will remove it from your report.
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