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Pre-foreclosure the same as foreclosure?

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mspiggybank
New Contributor

Pre-foreclosure the same as foreclosure?

I recently avoided a foreclosure by selling my property. The buyers had some issues during the process that dragged out. During that time, my lender referred my account to their foreclosure department. Shortly thereafter the buyer’s mortgage company cleared them to close and we completed the sale. No foreclosure was ever filed. But, it’s reporting on my credit as a foreclosure. Is that accurate from a credit perspective?
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SouthJamaica
Mega Contributor

Re: Pre-foreclosure the same as foreclosure?


@mspiggybank wrote:
I recently avoided a foreclosure by selling my property. The buyers had some issues during the process that dragged out. During that time, my lender referred my account to their foreclosure department. Shortly thereafter the buyer’s mortgage company cleared them to close and we completed the sale. No foreclosure was ever filed. But, it’s reporting on my credit as a foreclosure. Is that accurate from a credit perspective?

Not in my opinion. I would certainly try to dispute it.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 2 of 3
pizzadude
Credit Mentor

Re: Pre-foreclosure the same as foreclosure?


@mspiggybank wrote:
I recently avoided a foreclosure by selling my property. The buyers had some issues during the process that dragged out. During that time, my lender referred my account to their foreclosure department. Shortly thereafter the buyer’s mortgage company cleared them to close and we completed the sale. No foreclosure was ever filed. But, it’s reporting on my credit as a foreclosure. Is that accurate from a credit perspective?

From a FICO scoring perspective I'm not sure you'll gain anything if the foreclosure notation is removed, it sounds like you were probably at least 90 or 120 days late with the account at the time you sold the house, is that correct ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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