How long is your credit ruined after a foreclosure?
William Jenkins
Updated on January 30, 2026
seven years
A foreclosure remains on your credit reports for seven years from the date of the first missed mortgage payment that led to the event.
How bad does a foreclosure affect your credit?
According to FICO, for borrowers with a good credit score, a foreclosure can drop your score by 100 points or more. If your credit score is excellent, a foreclosure could reduce your score by as much as 160 points. Typically, it will take three years or more of on-time payments to restore the credit score.
How long do I have to wait to get a mortgage after a foreclosure?
How to get a mortgage after foreclosure
| Home Loan Program | Foreclosure Waiting Period |
|---|---|
| Conventional loan | 3 to 7 years |
| FHA loan | 3 years |
| VA loan | 2 years |
| USDA loan | 3 years |
Which is worse short sale or foreclosure?
Timing also differs: Short sales can take up to one year to close, while foreclosures generally move along much faster because lenders are intent on recovering the money they’re owed. Furthermore, a short sale is far less damaging to your credit score than foreclosure.
What happens to your credit score after a foreclosure?
A foreclosure will remain on your credit report for the next seven years and pull down your overall rating by 85 to 160 points, according to the Fair Isaac Corp. Add to that the impact of delinquent payments and any other negative financial events and your overall score deduction may total about 250 points.
What happens to your possessions when your house is foreclosed on?
If your home is foreclosed upon, you should remember that you only have the right to remove your own personal belongings. Stophomeforeclosurehelp, an online resource for those facing foreclosure, notes that items which belong to the house including hot water heaters, light fixtures and appliances should all be left behind with the property.
Can you get a mortgage after a foreclosure?
While you may be able to get an auto loan or personal loan after foreclosure, your ability to secure a mortgage is hindered for some time. Once you are able to secure the loan, you will see higher interest rates.
What happens to your house if you default on your mortgage?
When you purchase a home through a mortgage loan, your loan is secured by the existing property. If you default on your payments, your lender can foreclose and take possession of the property as collateral against any unpaid balance on your mortgage note.
