Foreclosure happens when you default on your mortgage and your lender takes ownership of the home.
A foreclosure will remain on your credit report for seven years and bring down your credit score. After that period of time, the foreclosure mark should automatically fall off your report.
Know where your credit stands
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How a foreclosure affects your credit
A foreclosure’s impact on your credit will depend on your credit standing before the negative mark hit. The higher your score, the greater the likely impact.