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how does reinstating my mortgage impact my credit score?

Posted on: 27th Aug, 2010 12:43 pm
My question is regarding credit scores. I was behind on my payments with my lender they started foreclosure proceedings and I entered into an agreement to repay with the lender. My loan has just been reinstated. Does anyone know how long this will affect my credit rating? Is it just for the past due dates or will a foreclosure process show up on my report and if so are they supposed to notate foreclosure cancel loan reinstated? I live in NC.
Hi rneducator!

Welcome to forums!

If the foreclosure has not taken place, then the lender will not report that to the credit bureaus. I guess, the lender has modified your loan and given you an affordable payment plan to pay off the dues. In that case, loan modification will be mentioned in your credit report and it might lower your credit scores by few points.

Feel free to ask if you've further queries.

Sussane
Posted on: 27th Aug, 2010 07:58 pm
After your account is reinstated, it will end up showing on your credit report as "current, foreclosure was started", or "current, loan reinstated". It will be like that for up to a year after you pay on time continuously. It may change or your may notice your score increased a little. It happened to me, and I am still waiting to see my credit report not show the foreclosure word on it. I am attempting to send the bureau a copy of my mortage statement showing that it is current and is not in the foreclosure process anymore. I will have to see if they will change the status to current only.
Posted on: 29th Apr, 2013 11:30 am
Thanks for sharing your experience, Lynn!! :)
Posted on: 29th Apr, 2013 10:30 pm
The transaction that your loan has been reinstated is the transaction that will show up on your report. It might affect your score but it should only bring it down a few points. Since the foreclosure never happened, then it will not show up on your report and should not affect your score. However, check your credit score and your credit report just to make sure. If the foreclosure shows up, you can send a letter to the bureaus regarding the concern and they should clear that up.

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Posted on: 21st Jun, 2013 03:26 am
Yes, you can follow what Lynn has done in his case. Actually, there some credit repair steps that you'll have to take in order to pull up your credit score.
Posted on: 21st Jun, 2013 07:15 am
I am also agree with lynn so follow lynn case steps


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Posted on: 23rd Jun, 2013 09:05 pm
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