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Posted by Ward-CA- on April 20, 2002 at 20:13:05:
In Reply to: question on foreclosure posted by Coz Ward on April 19, 2002 at 20:46:33:
: I hope someone can answer this question for me:
: About how long does a foreclosure appear on your credit report, and if the sale of property does not cover the total balance, am I responsible for the difference? Please help!!!
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The consensus is that a foreclosue will stick to your credit report for 7 or more years.
If after a foreclosure against a property and the final disposition of that property does not fully pay off a secured creditor, then many states will allow such a lender to go after the borrower for the deficiency owed.
To know for sure if that rule applies to foreclosures in your state just click on the link below.
