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If you have had your house forclosed on

what exactly happened? How long did it take to regain credit? We are losing our house due to me losing my job, its a tough thing to think about so Im just trying to prepare myself. About how many months do we have before they kick us out? Thanks for any advice.

Answer Question

Asked by Anonymous at 10:09 AM on Sep. 28, 2010 in Money & Work

Answers (8)
  • We almost had ours foreclosed but, it sold last minute. However, My SO's credit is shot for 3 years due to lack in payment when we moved and he took a job making wayyyyyyy less.

    Answer by CandyHorse at 10:11 AM on Sep. 28, 2010

  • It depends on where you live. Here is a link that will give you information

    It will take 7 years for your credit to be restored.

    Answer by Mommy2Gabrielle at 10:14 AM on Sep. 28, 2010

  • It takes a few months. At least three before you have to leave, I think. My sister got foreclosed on............ Good Luck. I hope your family has a place to go!!

    Answer by eluc at 10:16 AM on Sep. 28, 2010

  • Can you find someone to do a short sale and negotiate to save your credit?
    Where do you live?
    Do not sit by. Find the answers and do what you can.

    Answer by tootoobusy at 10:25 AM on Sep. 28, 2010

  • Years ago my ex-husband and I filed Bankruptcy but still paid on the house. When we needed to move and couldn't afford it any longer (we were living on workers comp and a very part time job), our lawyer advised to stop paying and walk away because it was on the bankruptcy and we were under no obligation to pay. Not the mature answer I know, BUT from personal experience we stopped paying the mortgage in January and it took until October for them to officialy take it over....however we had moved out of it that April. The money we didn't spend on the mortgage paid our moving expenses.

    It was in my ex-husbands name and this occured 7 years ago so it's off his record but about 5 years after the fact he started getting credit cards again and I hear he is close to bankruptcy once again.

    As for me I learned my lesson and I'm debt free, I would do everything differently if I could, but what is done is done.

    Answer by Mom2Jack04 at 11:42 AM on Sep. 28, 2010

  • musicmom08

    Answer by musicmom08 at 11:46 AM on Sep. 28, 2010

  • Talk to your lender, and research foreclosure processes in your county. (They vary widely from state to state and within different jurisdictions). I live in NE Ohio, and it takes almost a year from the time the foreclosure starts until the sheriff auction, which is when the occupants have to leave. (I have a friend that specializes in short sales). As far as credit, it will remain on your credit report for 7 years (just like anything else), but our drummer lost a house 5 years ago, and recently purchased another home.

    Answer by Scuba at 9:26 AM on Sep. 29, 2010

  • Depends on the state each has a different period of time to foreclose. However with all the foreclosures it is taking longer. I have had a house foreclose in the 90s and it stayed on my credit for 7 years. We then bought another home. It is a hard thing to go thru but u will make it. Good luck and stay strong.

    Answer by voni681 at 12:24 PM on Sep. 29, 2010

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