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This does not necessarily occur after one or more payments are not met but for logistical reasons may occur after a loan is in substantial default â sometimes six months or more past due. This is known as the redemption period. The foreclosure process does not move forward for a minimum of 60 days.
Short sales are just as damaging to credit scores as foreclosures. Both stay on your credit score for 7 years. After 7 years, federal law requires removal from your credit report. The KEY date is the date you went delinquent that resulted in foreclosure-typically 60 or 90 days late in payment.NOT the date you were foreclosed on.oth stay on your credit score for 7 years. After 7 years, federal law requires removal from your credit report. The KEY date is the date you went delinquent that resulted in foreclosure-typically 60 or 90 days late in payment. NOT the date you were foreclosed on.