Legal Question in Credit and Debt Law in Massachusetts
Does a Foreclosure stay on my credit report for 7 years from the date I defaulted on the mortgage, or the date the bank filed with the registry of deeds that they foreclosed on the house? In my case, the difference is 2017 vs 2010, due to procedural mistakes by the bank and their lawyers (they filed, then cancelled that filing, then re-filed). Am I entitled to any compensation due to the delayed effect on my credit report? Thank You.
1 Answer from Attorneys
The default and the foreclosure are two separate events.
The default is reported for seven years. The foreclosure is a separately reported event. There is no deadline forcing a bank to ever foreclose. The foreclosure's reporting begins when it takes place.
Since there is no deadline for foreclosing, there is no opportunity for compensation due to a delay.
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