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How Long do Foreclosures Stay on Your Record?

by Anna Assad, studioD

You'll lose more than just your home in a foreclosure. The action affects your financial health as well, causing your credit score and history to take a significant hit. Federal laws limit how long a foreclosure remains on your credit record, but the damage from the entry is immediate and long-lasting. Work on rebuilding your credit as soon as you can after foreclosure to secure your financial future.

Bureau Reporting Length

Once the lender completes the foreclosure, it will report the foreclosure to the major credit bureaus: Experian, TransUnion and Equifax. The foreclosure often is shown on the public records section of your credit report, which contains matters such as judgments and foreclosures, and may be noted on the entry for your mortgage as well. The foreclosure stays on your reports for seven years once it's been entered.

Score Impact

A foreclosure entry usually drops your credit score by over 200 points, according to TransUnion's official website. At the point the foreclosure is entered, your score is probably already heavily damaged. The mortgage lender would have reported your nonpayments as soon as you were first late and during the entire foreclosure process. It may take you at least three years to rebuild your credit to the point where you can quality for a new mortgage, depending on your rebuilding plan and financial circumstances.

New Mortgage Restrictions

You can't get a mortgage insured by the federal government right after your foreclosure. Government-insured mortgages usually have lower down payment options and interest rates than traditional loans. Agencies such as Fannie Mae have rules on past foreclosures and they check your records for foreclosure entries. Borrowers are ineligible for a new loan if they had a foreclosure in the last seven years unless special circumstances apply. The circumstances shorten the waiting period to three years and include divorce, serious illness and other sudden events that lowered your income but shouldn't happen again.


You're entitled to removal of the foreclosure after seven years have passed since its entry date. You can request the removal of the foreclosure if it doesn't disappear after seven years. Each credit bureau has its own process for removal requests, so you'll need to contact the bureaus individually to get the information. You must state why the information must be removed, which in this case would be its age.

About the Author

Anna Assad began writing professionally in 1999 and has published several legal articles for various websites. She has an extensive real estate and criminal legal background. She also tutored in English for nearly eight years, attended Buffalo State College for paralegal studies and accounting, and minored in English literature, receiving a Bachelor of Arts.

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