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by TomSmith on March 7th, 2004

TomSmith

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I have a property on which foreclosure proceedings started, so I paid all the fees, and the loan was reinstated. Will this still show negatively on my credit report? If so, can I dispute it?

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Answers. 3 helpful answers below.

  • by Sparrow243 on June 6th, 2004

    Sparrow243

    Yes, it is very likely that your lender will report the delinquency as a reinstated foreclosure. But not to worry, the passing of time is truly a great healer. Focus on keeping your bills current from here on out. Ideally you are making your payments by the due date and if so at the 1-year anniversary you notice that you FICO score is increasing. (Another topic, for another day).

    Let's define "Current Payments." In the most cases, so long as you make the payment before (before) the next due date of the following month you will not be reported delinquent on the credit report. For example, if you mortgage payment is due on the 1st of the month, and the lender receives and posts the payment by the last day of the current month you will not be considered 30 days delinquent.

    Now keep in mind that you will have to pay a late fee and certainly I do not advocate last minute management of your financial affairs, however, keep this in mind as a contingency plan. Also if you do make a last minute payment, its very important to make it by phone or western union. You may also want to contact your lender to find out their cut off time for posting payments.

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  • by Andy Is Wicked Married to Penal Colony on April 13th, 2004

    Andy Is Wicked Married to Penal Colony

    I assume that the property went into forclosure due to lack of payments or late payments. If that is the case, then yes it will absolutely have a negative impact on your credit report.

    You can dispute it. Each of the 3 credit reporting agencies have a form you must fill out to file a dispute and you can contact them as stated here:

    http://www.answerbag.com/c_view.php/499

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  • by jarvismom on May 2nd, 2006

    jarvismom

    Another thing to consider is the fact that it is going to show up as a foreclosure that has been brought "current" and as long as you maintain current payments, you are ultimately repairing the damage that was done when you were foreclosed upon. Just make sure that you do not let the payment get past 30 days past due again. Most companies are required to (by their shareholders) to report payments that are past due.

    You will be able to get more credit, maybe not at prime for a while. However, just the fact that you are continuing to pay and keep the debt current is going to look good on your credit bureau report. And in time you will look more attractive to lenders.

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