I was put in contact with a lender who is going to help me. He said we will run my credit through what he calls a DU. I guess it is some kind of electronic underwriting. If I don't qualify then the DU will spit it back with an explaination. I can't do this until Feb 2013 even though it will be three years in January. Underwriting don't go by the exact day, they go by month. I will keep you all informed on my progress. Good luck to the rest of you who are facing the same issues.
Who was the lender that went off the 2 years of Bankruptcy? I have been in the business for 27 years and have closed many loans after 2 years of BK even when a home was included. And now the lenders are saying that the home is considered a foreclosure. I am now in this situation and can't find a lender that really knows the correct rule. Can anyone help?
It is 3 years after the transfer of property. I have seen scenarios where the individual has moved out of their home and home was not foreclosed on in over 3 years. In his situation he would have to wait 6 years!!!! The robo-signing complicated this situation. I have run into many individuals who are now looking to buy after their foreclosure and I have asked underwriters from all levels, their response is always the same,"3 years from transfer of deed". However, here is when it gets sticky, sometimes the credit reports have one date and foreclosure happened on another date. The safest bet would be to figure out when the sheriff sale happened and it will be 3 years from that point.
+100^ In my state they( lenders and the closing agent) looked up date at our courhouse. We applied 4 days after the 3 year mark and sailed through the process. I know it sucks, but I couldn't find anyway around it. I guess ymmv
One thing I have noticed while trying to better my credit is my Equifax score through Equifax.com is differant than my Equifax score through my FICO. For example, I got a updated notice today from Equifax.com saying my credit score is 680. Yesterday my FICO score from Equifax was 658. What gives. Which score do I believe and why such a big jump? I don't know who or what to believe when it comes to rebuilding my credit.