I paid off the back mortgage payments and lawyers fees on my home and now I am selling it. Im looking for an apartment and several I have looked at reject you if you have a forclosure on your credit. Since I stopped the forclosure will it show up in my credit as a forclosure or as a late bill that has been paid?
2006-07-17 12:03:16 · 2 answers · asked by Michael J 1 in Business & Finance ➔ Personal Finance
It depends upon the bank. Most likely it will either show up as a 90 days past due or a partial charge-off if they expect a small loss or expected a loss and had already expensed it. Since it is a 90+ day past due mortgage, that isn't much different than a forclosure from a landlord's perspective.
2006-07-17 12:07:41 · answer #1 · answered by OPM 7 · 4⤊ 0⤋
It will absolutely be on your credit report for the next seven years. It will look a little better now that it is paid off, but it will still be there.
2006-07-17 12:06:36 · answer #2 · answered by jamie5987 4 · 0⤊ 0⤋