Foreclosure

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A foreclosure occurs when a mortgage lender takes possession of a property from a borrower after the borrower fails to keep up with their loan payments. Foreclosures typically occur only after you miss at least four successive monthly payments (120 days of delinquency) A foreclosure entry typically appears on your credit report within a month or two after the lender initiates foreclosure proceedings. The entry remains on your credit report for seven years from the date of the first missed payment that led to the foreclosure and has a considerable negative impact on your credit score.