What happens to your credit after foreclosure?
Here's what one credit union says: "If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards."
By law negative information can remain on your credit report for 7 years, except for bankruptcy. A bankruptcy can remain on your record for 10 years.