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Ok wow oh wow what a day this has been! Been working with a LO he doesn't seem very professional but I felt like we had to use him because he helped clean up my credit so he gives us the impression that we are all good foreclosure wise because according to our reports on our credit files it has been 3 years this past December. Well he calls us today assuming the call would be to tell us that we are pre approved but instead he tells us he is waiting for the underwiter to call him back because it looks like our credit file is showing 2 different foreclosure dates!
We make a phone call to the the city clerks office where the foreclosure aoccured and the date of DEED IN LIEU(this is the date the county verified with me that the home was taken out of my name and put back into the banks name) is in fact December 2008 however there is another date of September 2009 reporting on our reports right beneath this date. So we decide to call another LO a friend recomended because this current LO seems to not have the answers fast enough. We call him he takes all of my INFO says he will call me back in 2-3 hours max with an answer.This right here is impressive because like I had said our current guy drags his feet. My questions is isn't the DIL the date FHA goes by? Is there another date they could possible go by? It feels so wrong to go behind our current LO back because he is a friend of a friend and he has been working with us....Isn'nt this unethical or the norm?
Are you both in a state that has a redemption period after the foreclosure?
That may explain why the new lender is chosing to use the second date. Not all states have redemption periods. Check your states foreclosure statutes to know for sure. Here is a recap, but naturally you want to verify the info: http://www.all-foreclosure.com/help/procedures.htm
Hi Hudson,
I just went through this myself. Unfortunately, you will more than like have to wait until September in your case. Fortunately, mine was only a couple of days off from one date to the other, and the mortgage company went with the later date. I am in Florida if that matters.
I hope this helps...good luck!