Foreclosure Goods
Does a resolved pre-foreclosure look better on your credit report than a completed foreclosure?
Say a borrower sells their house and pays off the note before the trustee auction date. Will this situation impact the borrower’s credit report less severely than a foreclosure that goes to auction?
Clearly, option 1 is “better”. But the question is, does option one actually look better on your credit report than option 2 does, or do credit reporting agencies not distinguish between a foreclosure that ran its course and one that was settled by the borrower.
If I understand you correctly, you are asking about the following 2 situations.
1. You get behind, but you actually pay the lender what you owe.
2. You get behind and the lender has to take the house.
If that is your question, option 1 looks better to anyone sane.
NBC News Foreclosures & Storage Auctions
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