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.
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.
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?
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.