3 years post Foreclosure-Date of Possession-Illinois

[Anonymous]

Filed Chapter 7 in 1/2008 . Bankruptcy closed 9/26/08  House was included in bankruptcy. I know for USDA you have to be 3 years post foreclosure.

Date of Possession was recorded 11/18/2008 which as far as i can tell is when the bank retook possession of the residence. I pulled the file at the Circuit clerks office.

12/13/2008 The house was listed for sale.               <<<<

02/23/2009 The listing was removed as it had sold. <<<<(go go gadget Zillow)

When exactly does the 3 years start?  After speaking to the bank I am working with, they seem absolutely convinced that its 2 years and not 3.

Besides the fact that they believe otherwise, everything ive read/heard/seen says 3. Which is fine because I am either past that point or almost there!

So when does it start?

thanks!

[Anonymous]

My date of actual foreclosure (date the bank took the property back) was July 07, but the bank didn't resell the home until January 08 so that was the date my lender used, which was also reflected on my credit report.

What date is shown on your credit report?

Also, different lenders have different timelines for amount of time after foreclosure.  What type of loan are you applying for?

[Anonymous]

I just looked at my Experian report from 9/9/11 that i have saved on my computer.

It doesnt list anything about a foreclosure anywhere on the report.

Its USDA Guaranteed. 

If its the date the house was sold then ill just wait a few months and re-apply.

Received a letter from the bank today showing scores as follows:

669 Equifax

685 Transunion

672 Experian

So it looks like the scores are good enough. Also good to know they are working on the file.

After talking to the loan officer the other day he said the banks underwriter has it and we should know something within a few days.

I also asked him the same question I posted here and he didnt know either. 

The good thing is I make around 60k a year and have a grand total of about 1500 dollars in debt. No collections since bankruptcy at all. No late payments either.

If we do end up having to wait, then ill pay the two CCs off before Feb which should boost the score a bit.

[Anonymous]

Your scores is high enough for most lenders.  I know very little about the USDA loans.

Most applications ask if you've had a foreclosure, and if so, what date.  If your credit report doesn't have a date, then they will likely go by the date on the court documents regarding your foreclosure.

Good luck and I hope all goes well for you.

We just closed on a VA loan (3 years after foreclosure) about 5 weeks ago.  Middle FICO score was 640.

[ShanetheMortgageMan]

Should be 11/18/2008.  USDA mentions exceptions for less than 36 months from a foreclosure, but it's very rare in my experience for them to grant exceptions to that.   However if they did, it'd be for someone who has excellent re-established credit & credit scores, low debt ratio, etc.

[Anonymous]

Shane,

Just wanted to update you,

Hadnt heard squat from the bank since receiving the notice of my credit scores. I had called the loan officer last week on wed and had yet to hear from him, even after leaving a message. So after trying him one more time I decided to call the lady who he told me is handling the underwriting. Dont know if this is acceptable or not, but I'm not the type to really care either.    : D

Basically the conversation went like this:

I said I was sorry to have bothered her, but I have been unable to reach the loan officer for over a week and was just wondering the status of my file.

She said "It's funny you should mention it, it just came across my desk today and I have forwarded it on to Processing. He (the loan officer) should be contacting you later today."

With the above in mind, I still havent heard from him............

Anyhow

So i pose this question....... I applied for the purpose of pre-approval, so that I have an idea what i can spend before I start shopping.......What exactly is Processing?

From what ive read its the people that package the information for final presentation to the underwriter for approval......

Is it reasonable that it took almost a month for my file to reach this lady's desk or am i being impatient?  (one of my finer qualities )

It isnt like they are preparing a loan package in its entirety. I would think that "pre-approval" would be a little bit more expeditious.

thanks