Foreclosure:
Foreclosure is when
the mortgage payments for a mortgage have not been
paid for a long enough period for the bank to begin
process of taking back and selling your property.
Such a rating is damaging to your credit score and
to future purchases of real property. It will remain
on your credit report for at least 7 years, letting
lenders know you have been in a foreclosure.
SCORE IMPACT RATING:
HIGHLY DAMAGING
EFFECT: NEGATIVE
