So I hit a rough patch about six years ago. I was seriously struggling to make my mortgage payments, but I hung in there as long as I could in an attempt to "wait out the market" and not be so underwater on the house. Eventually, I ran out of money and lost the house. Things are vastly inproved now, plus I have a settlement from the sale of a house I bought in 1993 with my former husband. Perfect credit since the foreclosure. So I'm pretty excited to hit the three-year mark and purchase a new home with an FHA loan.
I've spoken to a few lenders to get my ducks in a row. One is standing out as the front-runner, with excellent communication and just a general positive vibe. The only issue is when the clock started running after the foreclosure. I've looked up the sale date on the county public trustee website, and it occurred on August 15, 2012. The lender contact, however, says that they need to know the "release date." Much research later, the only reference to a release date I can find is a release of "lis pendens," which, as far as I can understand, is the period after the foreclosure for any pending claims on the house to be settled. I didn't have a second mortgage or any liens against the property. Would this make the release date the same as the sale date? It seems like it should be pretty simple...I borrowed some money from a bank to buy a house, couldn't pay them, they sold the house, and that was the end of my liability. Maybe I'm missing something. I know that it can get pretty complicated if there are a number of junior mortgages and liens against a property, but I just had a standard single conventional loan.
Well, thanks in advance for any advice! This stuff seems kind of dry, but it has huge implications for me in trying to purchase a new home. I've worked really hard to rebuild and this uncertainty is driving me crazy!
EQ 690, TU 722, EX 716, with 70K to put down.
Call them and ask. AFAIK the sale date is the release date, but you should speak directly to your lender contact.