FHA, Foreclosure, Charge offs

[Armbar9]

I am applying  for an FHA loan in a year. I have a few questions and I was hoping someone could clear it up for me.

1) I had a foreclosure in 2009. I was sold at auction and recorded 12/2009. However, my credit report is NOT showing a foreclosure, instead it shows closed & charged off and shows the remaining balance after the house was sold at auction. How will this affect me? Also, I am in AZ.

2) Each of the 3 credit report shows a different lender/bank next to the account - National Bank of Az, Zions bank, Dovenmuehle. The account is not tripled listed on a credit report, instead each CR shows it by a different lender. Can someone explain this to me? Do I need to fix this?

Thanks, these boards are incredible!

[Armbar9]

.bump.

I am still wondering if anyone can give me some help. I spent a couple of hours last night researching the topic of Foreclosure vs. Chargeoff. Most of the info was specific to 2nd mortgages or HELOC. Unfortunately, that is not my situation.

Should I be concerned my foreclosure is showing as a Charge Off with a remaining balance? Do I need to have it changed on my credit report? I will be attempting to apply for an FHA in 6-9 months.

Thanks again.

[Walt_K]

Sorry you're not getting any answers yet.  Your experience is unfortunately not something I've seen discussed before.  Hopefully one of the mortgage pros will come along soon and help you out.  Best of luck.

[Klesko]

The balance showed will cause a problem unless you can show that you are not liable for this remaining debt.

Your BIG issue with FHA is going to be you need to pass automated underwriting to be able to get the loan. What date does the account show closed/co?

[Armbar9]

I did receive a 1099-C for the remianing balance. Account C/O date is 07/2009.

I have done alot of research on the web concerning 1099-c's & foreclosures. There seems to be alot of confusion regarding 1099-C's. The whole 1099-C issue is really murky and not just for foreclosures/Short Sales. It seems people are being hit up with 1099-Cs from their past. 

Back to my issue. Should I contact the CRA's with my 1099-c and have the remaining balance set to 0? My only concern is getting an FHA loan. My Credit Score will be fine (685, Myfico) , I have no other debt., I have one 30 day late from 5 years ago I am trying to GW.

How should I handle the mortgage/Deed ot Trust charge off?

Thanks alot guys.