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Answers (6)
- shasta_steve
- Contributions:448
Not really sure what you are asking but yes I did stop paying my mortgage. It took about 9 months but I did absolutey nothing to slow it down. Every state is different as are different banks. In California you are just about guaranteed 6 or 7 months with most I hear of taking 9 or more months.
- tamika256
- Contributions:20
To Shasta_Steve:
Did you stop paying your mortgage prior to the foreclosure? If so, how many months, or did you pay your mortgage right up to the end?
Did you stop paying your mortgage prior to the foreclosure? If so, how many months, or did you pay your mortgage right up to the end?
- tamika256
- Contributions:20
Thank you all for your input :)
- shasta_steve
- Contributions:448
200 points sounds high to me. Lots depends on how long you have had credit, how many mortgages you have, your original credit score and how many other accounts you have open. Most of the people I have seen drop 200 points went the scorched earth policy and stopped paying on many accounts. A single foreclosure for someone with lots of other good credit can be well under 100 points.
My foreclosure on my rental house dropped my score from 780-790 to just over 700 mid-score after foreclosure. I only had one loan, never missed another payment in my life and have a long credit history. A friend of mine is similar situation dropped about 80 points.
After 90-120 days your credit pretty much stops dropping. Right after my foreclosure I actually got a slight bump upward as I just got rid of about 130k in debt as it was non-recourse.
My foreclosure on my rental house dropped my score from 780-790 to just over 700 mid-score after foreclosure. I only had one loan, never missed another payment in my life and have a long credit history. A friend of mine is similar situation dropped about 80 points.
After 90-120 days your credit pretty much stops dropping. Right after my foreclosure I actually got a slight bump upward as I just got rid of about 130k in debt as it was non-recourse.
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
Carl is correct. However, it is not simply that alone. It also deals in how you have made your other payments on credit cards, utilities, etc. If other payments have been current then a drop of 200 points would sound about right. Like Carl stated, you will need several years to rebuild your credit. It will take at least 7 years to get the foreclosure off your credit score. Until then even with a lot better credit it will still be an obstacle for you to overcome as the basis for your scores was the foreclosure which means you did not manage that type of loan very well.
- Carl Henker, "Carl Henker"
- Contributions:755
You could see the loss of 200 or more points plus what the foreclosure will ad, it will take a some time to rebuild your scores. The foreclosure will prevent you from obtaining an new mortgage for a minimum of 4 years or more. This will give you time to rebuild you credit.
How is Credit Score affected if I stop making payments
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