When does the 7 Year Clock Start

[MRC123]

I have been wondering when the 7 year clock starts. How long will it take before this foreclosure is over and done with and the clock starts so that it can be removed from my credit in 7 years? Does that make sense??

We plan on going to NACA in 2 years from the time the "clock" starts, but I am not sure when that happens.

[tryingtostay]

I THINK it is from the date of the foreclosure recording. But, I know how slow normal stats get reported to the credit bureaus sometimes. So I imagine it could take up to 6 months for the foreclosure to hit your reports.

I don't think it will be a 7 year clock. I think it will be closer to a 4-5 year clock, but that's my opinion.

[MRC123]

I know it will stay on our credit report for 7 years. We were trying to do a modification through NACA, but nothing. I did get a letter from Wells and they said to call before Friday to stop the Auction, but we want them to go forward with it, as we have already moved out.

I are hoping to purchase a home through NACA's program in two years. When we were doing our mod with them, I ask the counselor if this doesn't work out, how soon can we purchase a home through your program and she said 1 to 2 years and show that we at least tried to save our home.