Just because there is no public record of it on your credit does not mean one does not exist. If you include something in BK the foreclosure will not show up on your report. I would go to the county in which the properties are and check their records for sale information and contact the clerk to see if there is a deed of foreclosure on the properties. I would be weary of a loan officer saying that they will use the date of the discharge as the foreclosure date... not saying its not possible but as I said, I'm going through it as well and the loan officer knew about my foreclosure even though its not on my credit report...cause they check the public records.
I also have to provide them a copy of the deed of foreclosure which I have to get from the county directly. But see if the county has a public website that has real estate sale information... the county that my property was in has a website where I can go look up dates of transfer and who the property belongs to now and in the past. If the home is in your name on the deed or was in the last 3 years ... then that could be an issue.
There are lots of people I have seen on another forum that I frequent that have been trying to get a new mortgage with a deed still in their name from a home that they included in BK and then didn't foreclose on... one person was able to get a USDA approval but had to go through tons of lenders to find someone that would actually do it for them and it was a pain in the butt.
But, definate check the deeds on the homes... that's the best place to start.
I appreciate all of the input and understand that you cannot see my husband's public records. The whole situation is extremely confusing especially since I can see even here on this board that everyone believes something different. I am hopeful that this will not prevent us from getting a mortgage. On his credit report it states that they will due to fall off in July and September of this year. I am going to wait and see if they just completely disappear altogether and like I already mentioned, this is not in public records(on his report).
I also have a customer service lady from the BofA CEO's office following this and calling me back on Monday. I am curious to hear what she has to say.
I will update this thread when I get come answers. I am sure I'm not the only one going through this.
I know it can be done, there are different requirements from different Lenders. With that being said if you get the right Broker to work on it with you I see no reason you would not be approved, pending everything else is in good shape (scores, income, DTI. etc etc)
So, just as an update, I spoke yesterday with someone from the CEO's office at BofA. She reviewed my husband's credit report and looked up the loans(since they are so old). I think I mentioned above that there were 2 properties involved in this case. One foreclosed back in early 2010 and the other one JUST foreclosed in December or 2012! It took BofA 7 years to foreclose and we are 4 years post banktuptcy. UNREAL.
Anyway, the bad news is that she will not remove any of this from my husband's report(which was the original reason I contacted her). I am not surprised. The good news is that both of the loans are due to fall off his report in July because that will be the 7 year mark from the first deliquency. Now I know that foreclosures can be reported under public records for 7 years but there were not reported as such because they were originally discharged in the CH. 7 BK. She said that as of this summer, there will be no record of them on his credit report at all and that since one of them foreclosed almost 3 years ago and was never added to the public record, it won't be added at all(and she explained that this is because of the BK).
Still super confusing but I am confident that by the end of this summer, we will be able to obtain a mortgage. There will be no waiting the 3 years from foreclosure date because it isn't on his report anywhere and the mortgages will be gone. We just have to abide by the 2 year BK discharge rule.