Q: I lost my job and had to foreclose on my house, and now I’m trying to repair my credit. How long does a foreclosure stay on your credit report?
A: Typically, foreclosures will lower a credit score
by 250-280 points, and stay on your credit report seven years. If you continue paying other bills and credit obligations on time though, within three years your credit score could be robust enough to get you a new mortgage with a favorable interest rate. A foreclosure is only one single negative item, not a blanket record of defaulting on all credit obligations. Good luck!
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