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Foreclosure not appearing on my CR

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Foreclosure not appearing on my CR

I had a Foreclosure back in 2009, shortly after the foreclosure my ex husband filed Bankruptcy, I did not.

 

The late payments on the mortgage show up, but on my CR I received from a lender, it shows 0 under the foreclosure column... isn't this strange? I have been working really hard to get my scores back up in order to purchase a home again hopefully in the next year. Im crossing my fingers that everything will work out

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Re: Foreclosure not appearing on my CR


@leesa88 wrote:

I had a Foreclosure back in 2009, shortly after the foreclosure my ex husband filed Bankruptcy, I did not.

 

The late payments on the mortgage show up, but on my CR I received from a lender, it shows 0 under the foreclosure column... isn't this strange? I have been working really hard to get my scores back up in order to purchase a home again hopefully in the next year. Im crossing my fingers that everything will work out



The reporting of foreclosures on credit reports can be inconsistent.  I would recommend checking your credit reports from all 3 major bureaus to see whether it appears on any of them.

 

Nevertheless, when you apply for a new home loan you are required to disclose the foreclosure, regardless of whether it appears on your credit reports.  If you fail to do so, it could be considered mortgage fraud.  In any case, the foreclosure will almost definitely be turned up during the title search process.

 

The waiting period to purchase another residence after foreclosure is 7 years according to FNMA guidelines.  It can be shortened to 3 years if there are extenuating circumstances, which generally refer to the death or permanent disability of a wage earner.  Job loss, property value decline, divorce, etc. are not considered to be extenuating circumstances.

 

 

ETA: if you're going FHA to purchase, then the waiting period is 3 years (I believe), so you would be okay from that standpoint.

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Re: Foreclosure not appearing on my CR

Thanks for the info.. the lender to who pulled my CR's for me said that I could get a FHA after 3 years... but you say 7.. which answer is correct??

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Re: Foreclosure not appearing on my CR

LOL, I was just updating my post when you replied.  See above - FHA is 3 years, conventional is 7.

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