01-29-2013 12:33 PM
01-29-2013 08:49 PM
I'm glad you were able to speak to someone however I guess I'm confused too... just because it isn't on his credit report doesn't mean it doesn't exist. I know you said one of them doesn't have a public record for some reason (still fuzzy on how something can get foreclosed and not generate a public record)? And the other one does? My foreclosure is not on my credit report either (neither is my mortgage for that matter because I disputed them off) but the lender still knew I had a foreclosure and I have to provide them the deed of the foreclosure and make sure I'm past the 3 year mark. I know every situation is different and different lenders will do different things... but I would be weary to believe that just cause its not on the credit report you don't have to abide by the 3 year rule.
01-30-2013 07:20 AM - edited 01-30-2013 07:23 AM
The bank could not list on any credit report that your mortgage was foreclosed on, since the debt was removed with bankruptcy. There could be a public record of a foreclosure listed on your credit report, but it would not show up under the mortgage entry. That should say "Included in bankruptcy". Any other comment on it, and the bank has violated the law.
IN addition, Foreclosures are not absolved at bankruptcy - as has been stated, only the responsibility for the debt can be.
Regardless of any public records, whether on your credit report, your husband's report, or even listed on a country clerk's website, the fact of the matter is that if there is a property on the credit report, and the debt was discharged at bankruptcy, an underwriter WILL look at the deed record and will find the foreclosure. If one of the properties was foreclosed on in December 2012, then whoever was on that mortgage cannot have an FHA loan until December 2015. They can't even open a file. If a foreclosure took place, then the record of that will be available for an underwriter to find. I'm not trying to rain on anyone's parade, but whether or not a foreclosure is listed on your credit report is irrelevant. All one needs to do is look up the property online, and a foreclosure will be found. The credit report isn't the issue.
And some lenders have their own overlays and will consider the bankruptcy discharge itself as a kind of foreclosure. Even if there is no actual foreclosure, you're shedding the responsibility for the debt and some lenders will not finance you until three years after bankruptcy EVEN IF the property never goes into foreclosure.
01-31-2013 03:15 PM
01-31-2013 03:22 PM
01-31-2013 05:13 PM
Hi there, no worries... it can all be a little confusing. A foreclosure creates a searchable record (outside of your credit report) that lenders will search when you apply for a mortgage. A foreclosure exists whether its on your credit report or not. Just like I have had my bankruptcy removed from my credit report as well but it still exists and is searchable in the public records database.
A public record does not specifically reside on your credit report. They can show up on your credit report in the public records section but they are not removed or gone if they don't show up on your credit report. Its just like if you had a credit card and that credit card just happened to not be on your credit report... the credit card still exists and you can use it, it just isn't being reported on your credit report.
Does that make more sense?
02-01-2013 07:03 AM
Using your social security numbers, etc, the underwriters will look to make sure that you are not listed on a property or mortgage that was foreclosed on within the last three years. It's just a basic part of the mortgage process. The credit report is just one tool.
Also, if you don't disclose it, it's mortgage fraud anyway.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.