Mine dropped at 3 months late, then went down more when the foreclosure actually showed as repossession and was finished, bounced back up to almost 700 when the debt of the foreclosure dropped off my credit report and then dropped back to mid 600s when the second charged off in March. Now went back up to close to 700 again.
Mine never really dropped as much as they say.
I did a short sale in 2010 on a condo that was worth $75K after Buying at $155K and after busting my behind trying to sell for 3 years. My original lender, National City said they would work with me even when I wasn't delinquent and I got a buyer for them. My paperwork was pristine, credit was in the 780's and then nothing. 4 months later, loss mitigation said I had to go at least one payment in arrears, so my attorney suggested I do so as to keep from losing my buyer (who was quite squirly) and we heard nothing. I was flipping out - never had a late payment before etc... But heard nothing from National City. Six weeks later, got a letter from PNC that they bought the mortgage and that I needed to pay up. We re-submitted everything and nothing. 4 months later I lost my buyer on a Tuesday and that Thursday I got a notice that Green Tree had bought the mortgage from PNC and approved the short sale. By that time, I had no buyer and my realtor basically walked away. At that point, I was 6 months delinquent on the mortgage.
I almost gave up - it was the holidays, cold (midwest freeze) and no one was out looking - much less at crappy condo conversions and one day I decided to pull into this Realty company on my way home and asked if they had anyone that would be interested in helping me or work with my situation. There happened to be on guy there late and he was really interested. Two days later I had a buyer and a contract. Three months later I was closed and the hell was over.
In total - 9 months delinquent. Credit started in 780's, lowest it got was 695 (Equifax). I was able to buy a car 8 months later and get a decent rate and 18 months after that traded it in on another and got 0% interest.
The oddest part is how this stuff shows on my credit report (good/bad). TU and EXP have it as settled for less than paid real estate loans - which is what we expected but Equifax has it as an installment loan chargeoff. That sometimes causes issues and because the loan moved around so much it looks like I defaulted on two mortgages/loans, but it's been explainable. Now I'm back into the 750's.
