Form 1003 Section 8 Question E.

[Anonymous]

I need some help on this.  My wife and I are signing commitment papers for a loan and she noticed this.

e.  Have you directly or indirectly been obligated on any loan which resulted in foreclosure transfer of title in lieu of foreclosure or judgment

I lost my house about 9 years ago.  I have since rebuilt my credit (690+) and don't know how to answer this exactly.  I have no problem telling my mortgage broker, but is this appropriate?  What exactly does this mean?

[StartingOver10]

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@Anonymous wrote:

I need some help on this.  My wife and I are signing commitment papers for a loan and she noticed this.

e.  Have you directly or indirectly been obligated on any loan which resulted in foreclosure transfer of title in lieu of foreclosure or judgment

I lost my house about 9 years ago.  I have since rebuilt my credit (690+) and don't know how to answer this exactly.  I have no problem telling my mortgage broker, but is this appropriate?  What exactly does this mean?

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On the 1003 I see all the time the question reads: Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years? 

Does your 1003 have the 7 year limitation on it?  If so, then you don't have to tell the mortgage broker. If you don't have the time period in there, then yes, disclose it to the mortgage broker. 

[Anonymous]

Thank you, I contacted my lender who had filled out the form and told him I did.  It is strange that it says 7 years everywhere else but not on that one.  I thought 1003's were fairly standard.

[StartingOver10]

That is strange.  Maybe they modified for that particluar lender. IDK. 

[Anonymous]

Thread resurrection in case someone comes across this in a search like I did.  The 1003 asks both, b is 7 years, e is apparently a 'have you ever...' with no time limit.

c. Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?

e. Have you directly or indirectly been obligated on any loan of which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? (This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee. If “Yes,” provide details, including date, name, and address of Lender, FHA or VA case number, if any, and reasons for the action.)