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Isn't foreclosure a Derogatory Marks?
Looking for advice on this issue... So I had to make the decision to let my rental house go through foreclosure this year. I had a very narrow window to not have to pay taxes on the debt cancellation (since I had previously used it as my primary residence) & I had spent $8K on it last year & lost money on it every year I rented it since I left the area. I had stellar credit. But the house being 90 days unpaid put my credit down to 697. Then the foreclosure went through this month. I keep updating my credit score on credit karma to see when I will take the big hit - instead, the mortgage account is now closed & my credit went up to 747.

I don't have any derogatory marks & even the 90 days late mark was taken off. What gives? Is this permanent or when will the foreclosure hit my credit (obviously, the sooner the better so I can begin building it back up.)


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