Can a lender see a foreclosure even if it no longer shows up on reports we can access?

[songsofexperience]

Thank you StartingOver10. 

I finally found the the online deed records. Yeesh, that was depressing.

So even though the DOFD was March, 2010, the Intent to Foreclose is dated 2/17/12. 

The Deed Foreclosure is dated 5/29/12.

The Judgment is dated 7/31/13.

So if these are public records, how long do they stay on file? I mean, in 10 years presumably a lender could look up the public records. Is there a timeframe after which they're meant to disregard? 

I'm also wondering about the dates of everything since this indicates the judgement was 7/13 yet on my CRs the date of Foreclosure was always listed as 4/12. 

I'll still need to wait until the 3 years is up or have a good LoX if I want to pursue USDA or FHA (and I did have extenuating circumstances and the lender also refused to work with me on a modification), but I've known that so it really doesn't change anything for me in that regard. I still think it very odd that it's just gone from my CRs . . . .  

[StartingOver10]

As far as I am aware the public records are there forever, there is no SOL for listing of the public record.

It is weird that the Foreclosure Deed is 5/29/2012 and the Final Judgment is 7/31/2013.

Look closely at that deed - is that the deed that conveys the property from you back to the bank? If so, that would be the date that the 'clock starts' for determining your eligibility for a new mortgage loan.

[songsofexperience]

So I looked through the documents I've received.

1) Notice of Default and Right to Foreclose - 12/12/11

2) Summons and Complaint for Declatory Judgment/Quiet Title - 3/8/13

3) Notice of Request for Default Judgment on #2 - 4/30/13 (seems I never actually got the final judgment papers)

That said, #2 was ONLY brought about because the description of the property was incorrect when I purchased it and so there was a cloud on the title. What they asked for in #2 was to "reform the legal descriptions effective as of the orginal date of recording on June 22, 2007 (the date I closed on the property) and legal descriptions contained in the Foreclosure Deed, effective May 29, 2012." They also asked that the court, "Enter an Order Validating the Foreclosure Deed and affirming plaintiff (lender) is the owner of the property." Again, I think this was so they could try to sell it.

Included in all the exhibits is a "Foreclosure Deed Under Power of Sale in Mortgage" dated 3/29/12. This is when the lender "bought" the property at auction. There's an Affidavit of Sale Under Power of Sale in Mortgage date 4/19/12 that basically states they posted the sale in the newspaper 4 times as required by law.

They also claim to have offered mortgage counseling services (this is required by the State of RI), but I never received such an offer and, in fact, tried for over a year to get them to help me, but that's beside the point.

SO . . . it seems to me that the Deed of Foreclosure is 3/29/12. The only reason they went to court was because they needed to clear the title due to the incorrect description on my deed and couldn't try to sell the place until they had that.

I'm wondering then, if they went the sale route at auction if this was a non-judicial foreclosure since they don't seem to have gone to court to get the original Foreclosure?

I discovered last night that RI has a 10 year Deficiency Judgment so if this WAS a judicial foreclosure they have up to 10 years to come after me for the deficiency! This really freaks me out.

Since most states allow for deficiency judgments, how is it that FHA/USDA  (or even conventional lenders) will give loans to those with foreclosures? Isn't there a risk that someone could get a new mortgage and then the original lender from the foreclosure could seek a deficiency judgment? I was reading horror stories about people being pursued 3-4 years after thinking the foreclosure was over!

As to why it's now gone for my CRs - I have no idea. It's been 7 years since I bought the property and if they "reformed" the description effective to June, 2007 maybe that's it, but it seems unlikely.

If the Deed of Foreclosure is the date I should go by for waiting to get a new loan, that's March, 2012 so 2 years and 2 months. It's been 3 years and 2 months since DOFD. None of the dates make sense in terms of explaining why it's gone unless, as I said before, they got the insurance payout and just crossed it off their books. I'm hoping, since they made an insurance claim, that they won't be coming after me for the deficiency.

What a mess this all is. It seems as though the big fly in the ointment was the incorrect legal description on MY deed back in 2007.

Thanks all for listening and for your advice!

[StartingOver10]

You are right, the date of 3/28/12 is the date that you should be concerned about - the date the clock starts.

The Quiet Title action is usually used in just the type of circumstances you describe (plus other types). The Quiet Title action ought to have no bearing at all on the start date for you.

The 10 yr time period to bring a deficiency judgment is a long time. I have noticed that some states have gone back and changed this though - so check recent statutes to see if your state has modified the time period. I am also noticing that the servicers are selling off the deficiency judgments to collections agents to persue.

Remember, you will recover from this. In fact it already has been more than two years since the sale. Don't put your life on hold. You will get through this. Many of us have been down this road.