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Valued Member
ToddLipps
Posts: 29
Registered: ‎08-07-2008
0

Paid foreclosure

I am working with an individual whose mortgage on their credit bureau reports the following data:  Account closed by consumer 10/09; Paid Foreclosure; Account closed at consumers request.  Account paid.

 

A notice of default was issued, but brought the account current prior to close and executed a sale of the home (paid in full, not a short sale).  I am wondering since  there was no consummation / sherrifs sale/ title transfer, and the loan was brought current prior to the foreclosure if there is a possibility of having the bureau disputed and updated to remove the coding and words "paid foreclosure".  

 

The scores do not need to improve ( 750 middle) as this is the only derogatory item in the bureau. 

 

 

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid foreclosure

[ Edited ]

 

 

I'm not understanding, are you saying that this person has a 750 FICO score with a foreclosure reporting ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
ToddLipps
Posts: 29
Registered: ‎08-07-2008
0

Re: Paid foreclosure

Yes actually 743 mid.  Double checked the scores, actually 741, 743, and 754.  Last late payment was 08/2009.  No public records.

Moderator
MarineVietVet
Posts: 14,953
Registered: ‎07-14-2009
0

Re: Paid foreclosure


ToddLipps wrote:

Yes actually 743 mid.  Double checked the scores, actually 741, 743, and 754.  Last late payment was 08/2009.  No public records.



And these are lender pulled?

Valued Member
ToddLipps
Posts: 29
Registered: ‎08-07-2008
0

Re: Paid foreclosure

Yes.

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid foreclosure

 

If these are actual FICO scores, I don't really see that there is a problem.   I have to say I'm very suprised that the scores could be this high with a recent forclosure.   

 

Are you certain that the account is reporting negatively at all ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
0

Re: Paid foreclosure

I was going to ask something similar, pizzadude.

 

Maybe by some kind of error, this tradeline says those comments but is reporting positively.

Either that or everything else this person has is in "high achiever" status and this is just THE one thing on his report.

 

Still 750 is quite high for a recent foreclosure.

 

Maybe it really isn't listed in the Negatives.

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Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid foreclosure

 

Yep, that is what I'm thinking as well, Frugal.

 

It sounds to me like although the comments mention "foreclosure", it is being ignored as a negative.    Again, that is based on the assumption that the scores being posted are indeed FICO scores.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
ToddLipps
Posts: 29
Registered: ‎08-07-2008
0

Re: Paid foreclosure

As a mortgage loan officer with 10 yrs in, I was shocked to see the scores this high.  However this the bureau is filled with a good number of high credit lines rated 99+ months.  The mortgage history again is the only bad.

 

The underwriting system smart enough to pick up the foreclosure since it comes back as a "referred" loan (referred to underwriting, not approved). 

 

I appreciate the input!

 

754

Repository

 TransUnion

Brand

 Classic 04

Type

 FICO

SSN 

 Customer name

 BU1

    039 - Serious delinquency
    018 - Number of accounts with delinquency
    008 - Too many inquiries last 12 months
    013 - Time since delinquency is too recent or unknown

 FACTA: Inquiries impacted the credit score.

 

743

Repository

 Equifax

Brand

 BEACON 5

Type

 FICO

 SSN

 

 BQ1

    39 - Serious delinquency
    18 - Number of accounts with delinquency
    08 - Too many inquiries last 12 months
    12 - Length of time revolving accounts have been established

 

741

Repository

 Experian

Brand

 Fair Isaac V2

Type

 FICO

 SSN

 

 BX1

    39 - Serious delinquency
    02 - Level of delinquency on accounts
    32 - Lack of recent installment loan information
    08 - Too many inquiries last 12 months

 


Bank of America

Opened

 10/05

Reported

 10/09

High balance

 218,000

Reviewed

 46 mos

30

3


08/09
07/09
02/09

60

1


03/09

90+

2


04/09

Pastdue

 
-0-    

Payment

 
Paid

Balance

 
-0-    

Last active

 10/09

*BX1 *BU1 *BQ1 [Ind]

High limit

 ---

Install (I1)

 Mortgage (CNV)

  Account closed by consumer 10/09; Paid Foreclosure; Account closed at consumers request; Account paid

 

 

Refer/Eligible

5 This loan case file has been referred because a foreclosure was indicated on the credit report.

Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Paid foreclosure

BofA is a tough nut to crack going by the experience of members on this board. Even if you were to get the foreclosure comment removed the multiple 30, 60 and 90 days are going to remain and I believe that is where the serious delinquency comment is coming from. I am no expert or even novice in the foreclosure process so I don't know if the notice of default is enough to keep the foreclosure comment alive.

 

Perhaps you could post the question or ask a mod to move it to the mortgage forum I know you are a loan officer but there are a couple there that might have an answer. And a dispute to the bureau is likely to come back verified and just add a dispute comment to the picture.

 

RobertEG is the resident expert on the direct dispute process (disputing the info to BofA instead of the bureaus. Either hope he chimes in or PM him to have a look at this thread.

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