Credit Report Status as of

Anonymous · ‎04-11-2010

I am looking at buying a home in 6 months. I had a foreclosure in 2005, my credit report says "Date of last activity Nov 2004, but also says "Status as of" June 2008. What do lenders go off of, status? or date of last activity? Under the closed section it says "Not Reported"

Jazzzy · ‎04-11-2010

Hi bryan and welcome to the forums.

I'm not an expert in foreclosures, but if the foreclosure was in Nov. 2004, that's the relevant date.

Status is just a reporting date.

Was the foreclosure actually in Nov. 2004?

Anonymous · ‎04-11-2010

Thanks Lynette,

The foreclosure actually happened in 2005. I am just nervous because that would mean it was only 2 years ago instead of 5.

Anonymous · ‎04-11-2010

@Anonymous wrote:
Thanks Lynette,

The foreclosure actually happened in 2005. I am just nervous because that would mean it was only 2 years ago instead of 5.

Not to worry bryan25, if there is any question by the lender of the date of the foreclosure, you can always get that information from the court house. which will tell the date the judge signed off on the foreclosure docs.

Anonymous · ‎04-12-2010

The court date is not the date used for foreclosures I believe. I think it is the date the land is resold and transfered into anothers name. If a bank takes back a property, they often hold it in their system for months or even years before they re-sell it depending upon the condition of that particualr market and how many home in that market are for sale. I would say if it happened in 05 (prior to the crash and at the height of the boom) they would have turned and sold fairly quickly. But, I have seen some stories of people who lost homes in mid 2006 to 2007 whose home did not sell for 24 months or more and it is not until the bank gets someone elses name on the loan that it counts (at least that is what I have heard/seen. I have seen many people on these boards upset because they thought the waiting period was over for them and they still had quite awhile to wait. The best bet would be to check the county registry and see when your old property changed hands after your foreclosure (and not back to the bank).

Again, this is from what I have seen on here repeatedly and it varies greatly by the different foreclosure laws, how banks handle them. Out here in my area, they rarely sell the homes at auction (and when they try no on ebids high enough), the home are usually held by the bank for awhile and listed through a local realtor. Sometime for quite awhile. My foreclosure that I bought in Oct 08 had been taken back by the bank in really early 07 and was on the market for less than 2 months counting our escrow, so the bank held it for well over a year.

Anonymous · ‎04-12-2010

My home is considered a foreclosure on my credit report, but I sold it before it went into full foreclosure, so basically it never went to auction. Does this actually mean that the lender sees November 2004?

Anonymous · ‎04-12-2010

@Anonymous wrote:
The court date is not the date used for foreclosures I believe. I think it is the date the land is resold and transfered into anothers name. If a bank takes back a property, they often hold it in their system for months or even years before they re-sell it depending upon the condition of that particualr market and how many home in that market are for sale. I would say if it happened in 05 (prior to the crash and at the height of the boom) they would have turned and sold fairly quickly. But, I have seen some stories of people who lost homes in mid 2006 to 2007 whose home did not sell for 24 months or more and it is not until the bank gets someone elses name on the loan that it counts (at least that is what I have heard/seen. I have seen many people on these boards upset because they thought the waiting period was over for them and they still had quite awhile to wait. The best bet would be to check the county registry and see when your old property changed hands after your foreclosure (and not back to the bank).

Again, this is from what I have seen on here repeatedly and it varies greatly by the different foreclosure laws, how banks handle them. Out here in my area, they rarely sell the homes at auction (and when they try no on ebids high enough), the home are usually held by the bank for awhile and listed through a local realtor. Sometime for quite awhile. My foreclosure that I bought in Oct 08 had been taken back by the bank in really early 07 and was on the market for less than 2 months counting our escrow, so the bank held it for well over a year.

My post is based on the information I received from two (2) different mortgage brokers.

On the home I'm currently in underwriting for now, I was instructed to get the foreclosure information from the court house and that would be the date used to determine

the three (3) year window to qualify for the first time homebuyer tax credit; and
the time period the lender will use to determine my credit worthiness.

I tried to purchase a home prior to the three (3) year anniversary date and was told by another lender that no one would qualify me for a home until the time span had passed. Don't know if location has anything to do with it. I'm in Texas.