Foreclosure

≈2-3 years to regain credit

≈7 years to regain credit

Written on your credit report:
“paid in full,” “paid as settled,” “paid as agreed” -are all similar, affecting your credit very little

Written on your credit report:
“foreclosure”- cuts your credit by hundreds of points.

You have the ability to control the amount of credit lost: the less late payments you have, the less credit lost.

Contact your bank immediately when you realize you cannot afford your home.

The credit bureaus have a systematic way of handling foreclosures. To foreclose means you are starting over with your credit.