Posted on: 26th Oct, 2012 12:46 am
Hi there… I lost a house to foreclosure in 2007. It had an 80/20 loan on it. The "80" is closed since 2007 on my credit report. However, the 20 is still reporting each month as late. I called the lender, and they said that they don’t want the money, but are still reporting it each month. It is 2012 now, which is 5 years or so from when I foreclosed. Does that mean in 2 years or so, that account will stop reporting each month as negative on my credit report? Any information would be greatly appreciated!
Hi Jessey,
Any negative item will remain mentioned in your credit report for 7 - 7.5 years. So, if 5 years are over, then you may have to wait for 2 more years to get this removed from your credit report.
Thanks
Any negative item will remain mentioned in your credit report for 7 - 7.5 years. So, if 5 years are over, then you may have to wait for 2 more years to get this removed from your credit report.
Thanks
Welcome Jessey,
As far as I can understand, yes, the account will be off your credit report after around 2 years.
As far as I can understand, yes, the account will be off your credit report after around 2 years.