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Question By
Blazer101

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Foreclosure/Open - Collection/Charge-Off - when remove from rating?
I had a foreclosure on a home. Currently, old mortgage is shown as "Open - Collection/Charge-Off" on credit report with full value of mortgage when it went into foreclosure.
Foreclosure sold to bank for 150k, I paid a negotiated difference of the 150k vs. what I owed.
How long will the "Open - Collection/Charge-Off" remain on my credit report showing the full value of the mortgage owed when I went into foreclosure?

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MBraggster

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10 years. Although, firstly, you could call the mortgage company and see if they are willing to update the $$ amount listed on your credit report, and, secondly, you could dispute the amount owed with the credit reporting agencies. BUT...the foreclosure itself is going to stay on your credit report for 10 years...same as a bankruptcy.

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7-10 years.

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