Foreclosure and Credit Score

[mandiees]

What could you expect your credit score to drop in the wake of a foreclosure? Is is true that the record of the foreclosure will be on your credit report for 7-10 years?

[Simplyme]

Whereas I am not sure how much your credit score will drop once you have experienced a foreclosure it is true that it stays on your credit report for 7-10 years. It seems a sad thing when one has already been through something as tough as a foreclosure.

[mandiees]

I guess it is possible to repair your credit, although I would imagine its hard to do since a lot of people are having trouble even getting one credit card in this economy...

[DianaR]

I think foreclosures stay on record for 10 years. I am not sure if doing a voluntary foreclosure hurts you less, though.

[mandiees]

Originally Posted by DianaR

I think foreclosures stay on record for 10 years. I am not sure if doing a voluntary foreclosure hurts you less, though.

What is a voluntary foreclosure?