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We were foreclosed on, the purchaser was bought out using our right of redemption (he went to jail for bid rigging at foreclosure auctions) we were able to completely pay off the first and second mortgage and the first mortgage lender sent us a large check for the over payment as well as the payments we sent in to bring the mortgage current before the foreclosure that they failed to inform the auctioneer of so the auction could be cancelled.
On the CR it does show as a disputed foreclosure. Also the 1st mortgage holder has never released the mortgage even though it was paid in full. I am writing them to claim the $1,000 that Alabama provides for failing to release a paid mortgage in a timely manner.
The big question is what is the effect when we apply for a new mortgage? SInce the lender never lost a dime and we uncovered fraud in their handling of the auction process what is the overall effect. It is about to drop off the credi bureau in a year or so and it isn't on my CR at all.
Any mortgage experts have a clue?
3yrs from the foreclosed date for FHA.... Foreclosed date = date title transferred.
Also, just because it isn't on your credit report doesn't mean it doesn't exist. Lenders will do a public records search and if you have ever had a foreclosure, they will find it that way.
Nothing in the public records, just did a search. They still have the mortgage outstanding, no foreclosure deed was obtained because we redeemed the property. My wife has it on her Credit Report, it isn't on mine.
I'm not saying we don't reveal it, but does the fact that we paid it off have a positive effect for underwriting?