Will my credit report say a foreclosure?

Question

if I pay off my home by a sale before the Sherrif sale date for a public auction? I received a letter that gave me until Jan 2nd to pay off the mortgage or stop the foreclosure by a repayment plan or paying what I owe past due. If my house is sold before then and I pay it off, what will it reveal on my credit? A payoff? or a foreclosure?

Answer 1

It will say that the loan was paid. Sometimes, the bank may report that the loan was paid but foreclosure proceedings had started. That just means that other creditors will be able to see that you went into foreclosure but got the loan out of the process and paid it off.

Answer 2

Your credit report will indicate that you were late and/or failed to pay on, presumably, multiple occasions. It will not indicate "payoff" or "foreclosure" or anything like that, but it will indicate that you failed to pay your mortgage, which is a devastating blow to your report, making you less likely to get good credit or loan terms in the future. If you can possibly sell your house before January 2, 2008, then do so. At the very least, the "bleeding" will stop there.

Answer 3

it should show a pay off but be sure you check it if you do pay it off before the sale date ...some companies are not ethical and will still show it as a foreclosure.

It is a good idea to check your credit report at least every 6 months (personally I check mine more frequently) there could be numerous errors in reporting. I had several accounts on my bureau that were not mine at all. I had no dealings with the companies and had to dispute the records (and that takes time and energy) once I got my straight I continue to monitor it about every 2 -3 months.

Best of Luck

Answer 4

Payoff with lots of delinquencies. But that's better than foreclosure or bankruptcy. Credit tips on foreclosures can be found below.

Answer 5

Payoff.