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LegalKnowledge, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27593
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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When does clock start for the 7 yrs sol on credit report for

Customer Question

when does clock start for the 7 yrs sol on credit report for a forclosure, is it when payments stopped or when the bank actually takes the house?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  LegalKnowledge replied 1 year ago.

Good afternoon. It would be when the bank actually forecloses. Until the process is complete, the individual still owns the home,so the bank would not take back possession or have it sold to a 3rd party, until the foreclosure judgment is entered. As such, when payments are missed and become past due, that is reported to the credit agencies but the actual foreclosure is when the judgment is entered.

Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if there is anything else I can answer or clarify. I am here to help so please just let me know.

Customer: replied 1 year ago.
this has been going on for 6yrs, they have been threatening foreclosure but still have not taken the house. squatter have been occupying the house for this time period. My question is about my credit, if the finally take it soon, its been 6yrs since i paid anything, do i have to wait another 7yrs for it to come off my credit report?
Expert:  LegalKnowledge replied 1 year ago.

Thank you for the reply. Yes, you would because all this time, they are likely reporting it past due, since payment have not been made. However, the home has not been foreclosed on and until that legally happens, it can not be reported