e/BK confusion. ..question
01-26-2013 11:04 AM
This is going to sound extremely complicated but I am hoping that someone may have an answer for me.
Long story short, my husband had his identity stolen during 2005 when anyone with a pulse could obtain a mortgage. They were friends of someone in his family and he was initially interested in purchasing some real estate so he had filled out an application for pre approval. He then changed his mind when he found out what they were selling. Fast forward to 11 months later, we began recieving calls from Countrywide that we were delinquent with the mortgage on two buildings he knew nothing about. We fought in court to clear his name but after 13,000, we had to give up and filed BK. That was filed in 2009. There were two properties included. Neither of them were ever "ours" and we never lived in them, never had any acct numbers, etc.
So now we are hoping to buy a home this summer. It has been almost 4 years from BK. We have been successful at removing a lot of the old accts that were included in bankruptcy. Credit scores are doing better.
All of the loans related to those mortgages are now owned by BofA. On his credit report, it states "included in bankruptcy". Under public records, there is only BK mentioned, no foreclosure. Since these initially became deliquent 7 years ago, they are due to fall off his report this summer(this is what is says on the experian report). I called BofA after getting some great info on this site to ask if they would show a goodwill gesture and removed the accts a few months early. Well, to my surprise, after a lot of digging, I am finding out that one of the buildings hasn't ever been foreclosed!!! FOUR YEARS after the ch 7 BK and 7 years after first deliquency. What a nightmare.
So my question is, how on earth can we go about getting a mortgage this summer? I am fully aware of the 3 years post foreclosure rule BUT I am wondering what will happen since this is not on his credit report and it is actually due to fall off due to the SOL by the time we apply. Has anyone ever heard of anything like this? I am not even quite sure how to find out if it has foreclosed. The properties are in Cook County IL and when I searched the recorder of deeds sight I found a bunch of info with the pin numbers of these properties but I don't know how to read them.
One says "deed" and has another persons name as the grantee in 2010. I am assuming foreclosure proceedings were done by then. For the other property, something named "release" was recorded in 2012 with my husband listed as the grantee and the year before "assignment" was recorded with a mortgage company as the "grantee". This is so confusing and our BK lawyer never mentioned any of it.
Just wondering how this will be viewed to a mortgage broker and in terms of an FHA approval if it's not on the report or the public records.
thanks for any input.