Question about foreclosing

[Anonymous]

 I lost a home about 8-10 months ago. It was a construction loan no money down and just paid the interest on the property. I ended up loosing the property cause I could not refinance when I finished all the work. My question is wouldn't this show up in my credit report? (cause nothing is there)

 The reason I'm asking is I just got married and we are trying to buy a home I talked to a lender and they shot me down right off the bat so I checked my credit it wasn't the best but there was no foreclosure listed plus my wife has amazing credit she doesn't make a hole lot a year but I do.....Are we hopeless?

[Heavanly1]

You'd be required to disclose the foreclosure on your mortgage application, regardless of whether it shows up on your credit report or not. Not doing so constitutes fraud.

Besides, the last thing you want is for you and your spouse to search for your dream home, find it, and then lose the deal because the foreclosure does show up on your credit and is discovered on the last credit pull prior to closing.

Most lenders require a waiting period of at least 3 years from the date of a foreclosure before being eligible for a mortgage again. The exceptions would be extenuating circumstances but I don't believe that being unable to refinance would qualify as  one.

If the foreclosure prevents you from being on the loan, your wife can apply for the mortgage on her own. However, only her income will be used when determing how much house you can afford.

[Anonymous]

thanks 

my wife doesn't make enough so looks like it a 3yr wait

:-(

[Anonymous]

would you know why it didn't show up on my report?.....I'm pretty sure people just don't forget about these thing

[Heavanly1]

Are you certain it's not showing on your credit reports? Were your mortgage loan and payments reporting monthly? If so, how does that tradeline currently read?  If your mortgage loan tradeline currently reads 120 days late, that will be seen as a foreclosure in the eyes of the new lender.

[Anonymous]

---

@Anonymous wrote:

 I lost a home about 8-10 months ago. It was a construction loan no money down and just paid the interest on the property. I ended up loosing the property cause I could not refinance when I finished all the work. My question is wouldn't this show up in my credit report? (cause nothing is there)

 The reason I'm asking is I just got married and we are trying to buy a home I talked to a lender and they shot me down right off the bat so I checked my credit it wasn't the best but there was no foreclosure listed plus my wife has amazing credit she doesn't make a hole lot a year but I do.....Are we hopeless?

---

Not all "construction loans" are reported as mortgages.  There are so many types of "construction loans" and a multitude of different types of lenders and not all are considered mortgages, much less foreclosure on a mortgage, and, in fact, not all even report to the credit bureaus. 

If you received the loan from a non-traditional lender (for example, local government land grant), chances are if it hasn't reported already it will not report.  If a bank, though, it may be that internal problems at the bank prevented an accurate reporting and they may eventually overcome that problem.

[Anonymous]

The loan was with, what you consider a private lender.

[Anonymous]

---

@Anonymous wrote:
The loan was with, what you consider a private lender.

---

Then there's a decent chance they will never report.  A creditor needs to subscribe to a credit bureau to be able to report and many just do not. 

Did the lender go through a judicial process to foreclose or was it handled informally?