1 mistake leads to years of bad credit

After working two or three jobs for about three years, paying Countrywide/Bank of America thousands of dollars in interest and penalties, I finally came out of foreclosure in June of 2009 and was able to save my house for my family. I looked at my credit report. All three major reporting agencies are showing my mortgage as a negative mark on my credit. How can that be, since everything is green on my Bank of America account on the report?

The credit reporting agencies treat your foreclosure like a bankruptcy on your credit report for a minimum of seven years from the start of your foreclosure. So even if you worked your fingers to the bone, almost lost your home and marriage in the process, when you come out on the other side you still cannot get credit as that foreclosure is still haunting you.

How is the economy supposed to perk up when families have to survive seven years of bad credit for one mistake?

Chris Appleget

Center Point