Reported as foreclosure on my credit report?

[Erica]

if I pay off my home by a sale before the Sherrif sale date for a public auction? I received a letter that gave me until Jan 2nd to pay off the mortgage or stop the foreclosure by a repayment plan or paying what I owe past due. If my house is sold before then and I pay it off, what will it reveal on my credit? A payoff? or a foreclosure?

[skaizun]

Your credit report will indicate that you were late and/or failed to pay on, presumably, multiple occasions. It will not indicate "payoff" or "foreclosure" or anything like that, but it will indicate that you failed to pay your mortgage, which is a devastating blow to your report, making you less likely to get good credit or loan terms in the future. If you can possibly sell your house before January 2, 2008, then do so. At the very least, the "bleeding" will stop there.