Foreclosure on your credit report

How long a foreclosure stays, how long until you can buy again, and where to get free help.

How long it stays

A foreclosure can stay on your report for seven years. Short sales and deeds in lieu of foreclosure are also negative, but they may be viewed less harshly by some lenders.

Buying again

Waiting periods depend on the loan type. FHA loans generally require about three years after a foreclosure. Conventional loans backed by Fannie Mae generally require seven years, with shorter periods possible in documented hardship cases.

Free help first

If you are behind on your mortgage, a HUD-approved housing counselor can help you review options at no cost. Be wary of anyone who charges upfront to "save" your home.

Check the details

After a foreclosure, the mortgage should not keep showing a growing past-due balance. Any deficiency balance should be reported accurately and only once.