BK and Foreclosure question...

[ohiostate]

I filed for Ch 7 BK on everything including house on 09/08/2009, it was discharged 1/12/2010.

FORECLOSURE DETAILS

3/12/2010- citi-mortgage started foreclosure process.

7/14/2010- Order of sale issued sheriff.

10/1/2010- Notice of sheriff sale.

10/25/2010- citi-mortgage purchased property according to sheriff sale details.

12/27/2010- Sale date according to county auditor website. (citi-mortgage purchased)

1/19/2011- Grantor citi----------grantee secretary of housing.

5/31/2011- grantor secretary of housing-------------grantee new owner.

My questions are;

1- If foreclosure is not reported on my credit report as of today (02/09/2012) , will it ever show up at some point.

Or did the BK over ride (for lack of better term) the foreclosure? (bk is listed on CR)

2- When will I be able to purchase another house?

I have been told many different stories,

a) 2 years after BK

b) foreclosure dont show up on cr but house was included in bk so its considered a foreclosure so wait time to buy is 3 years.

c) wait time after foreclosure starts when citi bought back house in sheriff sale and out of my name(10/25/2010 in my case)

d) wait time after foreclosure starts when new owner bought house (in my case 05/31/2011)

PLEASE HELP WITH THE RIGHT INFO!!!!!

Thanks in advance, if anyone knows the right answers.

[ohiostate]

ttt,

No one has any idea about this?

[SoulMaster]

If you find out, I'd like to know myself.  My BK was discharged 2010 and BofA still hasn't cleared the title.  Not that I mind so much.  I live rent free and it's been 45 months or something like that.

-SM

[StartingOver10]

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@ohiostate wrote:

I filed for Ch 7 BK on everything including house on 09/08/2009, it was discharged 1/12/2010.

FORECLOSURE DETAILS

3/12/2010- citi-mortgage started foreclosure process.

7/14/2010- Order of sale issued sheriff.

10/1/2010- Notice of sheriff sale.

10/25/2010- citi-mortgage purchased property according to sheriff sale details.

12/27/2010- Sale date according to county auditor website. (citi-mortgage purchased)

1/19/2011- Grantor citi----------grantee secretary of housing.

5/31/2011- grantor secretary of housing-------------grantee new owner.

My questions are;

1- If foreclosure is not reported on my credit report as of today (02/09/2012) , will it ever show up at some point.

Or did the BK over ride (for lack of better term) the foreclosure? (bk is listed on CR) Your BK is supposed to report iib and zero balance. Because you filed BK before the foreclosure the tradeline will/should always show as BK and not foreclosed.  The notation for the f/c action may show under the public records section of your credit report. It will definately show in the public records, but not necessarily on your credit report. This is the way you want it to report:  iib and zero balance. Keep a record of the sale back to the bank.

2- When will I be able to purchase another house? Because you had a house you surrendered in BK, and the BK was before the f/c, you can purchase 3 yrs from the date the property was "sold" back to the bank if you finance FHA. It is longer for conventional (either 5 or 7 yrs I forget right at the moment).

I have been told many different stories,

a) 2 years after BK  Two years is correct if you did not surrender a house in your BK.

b) foreclosure dont show up on cr but house was included in bk so its considered a foreclosure so wait time to buy is 3 years. No. The foreclosure actually has to happen (in real life). It doesn't have to show on your CR, but it has to happen and be completed. You have to have a min of 3 yrs from the date the deed transfers from you back to the bank. Remember the BK only gets rid of the personal liability for the loan. The f/c sale gets rid of the lien on the property and "delivers the ownership" back to the bank through f/c.

c) wait time after foreclosure starts when citi bought back house in sheriff sale and out of my name(10/25/2010 in my case) YES.

d) wait time after foreclosure starts when new owner bought house (in my case 05/31/2011) NO.

PLEASE HELP WITH THE RIGHT INFO!!!!!

Thanks in advance, if anyone knows the right answers.

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IMO I think the confusion arises because people either don't understand or they forget that there are actually two things that need to happen to extinguish the mortgage when you file BK.  1)The BK removes your personal liability and 2) the f/c has to happen to "remove" the lien and transfer the property back to the bank. The transfer can happen via any of the three methods below:

1)You can remove the lien via a short sale after the BK with the Trustee's cooperation.

2)Or you can try to get the bank to accept a Deed in Lieu of foreclosure.

3)Or you can let the bank continue to foreclose (the slowest option).

I hope this helps.

[ohiostate]

Thank you very much, StartingOver

I appreciate it.

Talked to a builder today just to be curious. She talked to their mortgage person and said...If the BK discharge has been 2 years or more

and there has been no derogatory marks, its possible to get something done now (2 years after discharge)

I really think like StartingOver101 said they're confused (or not clear) about my situation and the only true way for them to know

is pull credit and see for themselves what they're facing.

[Comet21]

Banks don't want houses(They have enough of them), they want CASH. They had to go through the process and paperwork. Save your payments because you never know when it will be time to move.