Should a foreclosure appear on your credit report when the mortgage company initiates the process or after the foreclosure sale?

After the foreclosure is finalized and the property has reverted back to the lender Answer The original mortgage loan account shows in the "credit" portion of your credit report. The industry term for its' appearance is "tradeline". Ordinarly, mortgage loans, like other types of trade lines, remain with the original creditor for 180 days after they become delinquent.

This is a standard amount of time and may vary according to your specific contract After 180 days of not being paid, creditors normally take action. If the account is for a vehicle loan, an order for repossession is put into effect; if the account is a credit card, it is "charged off" or sold/transferred to collections (either in-house or outside collection agency); if the account is a mortgage loan, foreclosure proceedings are begun. This notation is then placed on the tradeline A foreclosure, once filed, is a legal action.

A separate listing of the legal filing then gets reported in the "public records" portion of your credit report. It shows the date the legal action was filed, has a separate period of time (commencing on the filing date)for how long it can show on your credit report and now needs a disposition So the answer to your question is that a foreclosure notation may show twice on your credit report in different areas, both when proceedings have begun and after the foreclosure has been granted Answer The notice of foreclosure will show as soon as the process begins. This will show in the area of the usual tradelines where the lender is listed.

When the foreclosure is finalized, there will be a paid date showing on the record. There will not be any notice in the Public Records section since it is not a court record.

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