Posted on: 11th Sep, 2010 02:54 pm
We were served with a Foreclosure Complaint two years ago. The Bank just this month received a judgment in its favor and the home will go to foreclosure sale in the Florida court system next month. When does one's credit score take the biggest hit, when the Foreclosure Complaint is filed, when the Bank gets the judgment or when the home is sold at foreclosure sale? Thanks,
Hi spvalente,
After the foreclosure sale takes place, the lender reports it to credit bureau. Once he reports it, your score will take a negative hit and will be reduced by 250 points.
After the foreclosure sale takes place, the lender reports it to credit bureau. Once he reports it, your score will take a negative hit and will be reduced by 250 points.