FORECLOSURE

Score may be lowered from 250 to over 300 points

    A Foreclosure will remain as a public  record on a person’s credit history for 10  years or more

Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serous misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security or any other position that require a security clearance in almost all cases clearance will be revoked and position will be terminated.

Employers have the right, and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.

Many employers are requiring credit checks on all job applicants.  A foreclosure is one of the most detrimental credit items an applicant can have, and in most cases will challenge employment

Only late payments on the mortgage will show, mortgage is normally reported as “paid as agreed, paid as negotiated, or settled. This can lower the credit score as little as 50 points if all other payments are made. A short sales effect can be as brief as 12 to 18 months. A short sale is not reported on a persons credit history. There is no specific reporting item for short sale.