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Foreclosure Proceeding Started

Dear Experian,

I have a “Foreclosure was started” comment on my Experian report. We have made our payments on time for the last 30 months. What should the comment be changed to in order to show that we are no longer in foreclosure and that we are now current? I have seen “Paid Foreclosure.” Would that be accurate?

– RJP

Dear RJP,

The account status and balance history should reflect that it is now current. However, the fact that foreclosure proceedings were started will remain part of the account history for seven years. A status of “Paid Foreclosure” would indicate that account is now closed, the mortgage balance is paid in full, but that the mortgage went into foreclosure, which was not the case.

We’re happy to hear you were able to reinstate your mortgage and keep your home. The good news is that the longer you remain on time and current with your mortgage payments, the less impact the negative account history will have on your creditworthiness.

Thanks for asking.
The “Ask Experian” team

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