{"id":7882,"date":"2014-01-19T14:59:25","date_gmt":"2014-01-19T14:59:25","guid":{"rendered":"https:\/\/creditrepairnewyork.net\/?p=7882"},"modified":"2014-01-18T15:11:45","modified_gmt":"2014-01-18T15:11:45","slug":"how-a-foreclosure-affects-your-credit-history-and-credit-score","status":"publish","type":"post","link":"https:\/\/creditrepairnewyork.net\/how-a-foreclosure-affects-your-credit-history-and-credit-score\/","title":{"rendered":"How a Foreclosure Affects your Credit History and Credit Score"},"content":{"rendered":"<h1><span style=\"text-decoration: underline;\"><strong>Wondering\u00a0How a Foreclosure Affects your Credit History and Credit Score?<\/strong><\/span><\/h1>\n<div id=\"attachment_7883\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-7883\" class=\"size-full wp-image-7883\" alt=\"How a Foreclosure Affects your Credit History and Credit Score\" src=\"https:\/\/creditrepairnewyork.net\/wp-content\/uploads\/2014\/01\/How-a-Foreclosure-Affects-your-Credit-History-and-Credit-Score.jpg\" width=\"300\" height=\"200\" \/><p id=\"caption-attachment-7883\" class=\"wp-caption-text\">How a Foreclosure Affects your Credit History and Credit Score<\/p><\/div>\n<p>Foreclosed on your home and wondering how it affects your credit worthiness? Lets walk<br \/>\nthrough it together. How a <a title=\"how a foreclosure affects your credit history and credit score\" href=\"http:\/\/en.wikipedia.org\/wiki\/Foreclosure\" target=\"_blank\">foreclosure<\/a> affects your credit history may vary based on your<br \/>\nspecific circumstances and how you manage your credit following the foreclosure.The<br \/>\nforeclosure typically stays on your<a title=\"credit report\" href=\"https:\/\/www.annualcreditreport.com\/index.action\" target=\"_blank\"> credit report<\/a> for up to seven years from the date<br \/>\nfiled. Initially, a foreclosure may cause your credit score to drop more than 200 points.<br \/>\nThe exact figure will vary based on other aspects of your credit history. This drop<br \/>\nmay make it difficult to obtain any loans or credit right after the foreclosure. However,<br \/>\nif you continue to pay your other accounts and debts in a timely fashion, you may not<br \/>\nhave to wait a full seven years to successfully apply for a <a title=\"new mortgage\" href=\"http:\/\/www.consumerfinance.gov\/regulations\/ability-to-repay-and-qualified-mortgage-standards-under-the-truth-in-lending-act-regulation-z\/\" target=\"_blank\">new mortgage<\/a> or installment loan.<br \/>\nThere are many factors for the creditor to consider during the application process. Many<br \/>\nmortgage companies won&#8217;t approve a new mortgage for you for at least two years following a<br \/>\nforeclosure, but that is not a hard and fast rule. If you have a hefty down payment and<br \/>\na low debt-to-income ratio, you may be more likely to get an underwriter approval. So<br \/>\nwhat happens after seven years? After seven years, make sure to <a title=\"How a Foreclosure Affects your Credit History and Credit Score\" href=\"https:\/\/creditrepairnewyork.net\">check your credit report<\/a>.<br \/>\nThe law generally requires credit reporting bureaus to remove the foreclosure from your<br \/>\nrecord after seven years. Having this removed may not have an immediate affect on your credit<br \/>\nscore, but it will no longer play a factor in the underwriting process.<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>We hope you found this article on how a foreclosure affects your credit history and credit score useful<\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Wondering\u00a0How a Foreclosure Affects your Credit History and Credit Score? Foreclosed on your home and wondering how it affects your credit worthiness? Lets walk through it together. How a foreclosure affects your credit history may vary based on your specific circumstances and how you manage your credit following the foreclosure.The foreclosure typically stays on your&hellip; <a href=\"https:\/\/creditrepairnewyork.net\/how-a-foreclosure-affects-your-credit-history-and-credit-score\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[44,45,43,46],"_links":{"self":[{"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/posts\/7882"}],"collection":[{"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/comments?post=7882"}],"version-history":[{"count":2,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/posts\/7882\/revisions"}],"predecessor-version":[{"id":7885,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/posts\/7882\/revisions\/7885"}],"wp:attachment":[{"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/media?parent=7882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/categories?post=7882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creditrepairnewyork.net\/wp-json\/wp\/v2\/tags?post=7882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}