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AnkylosingSpondylitis

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Anyone know what Foreclosure redeemed on credit report means?
Ok we went through a foreclosure about 2 years ago. The house was sold at auction for an amount less of what we owe and we received a 1099 at tax time for the amount of funds that was written off by mortgage company. We ended up having to claim an extra 18k in income due to this. I assumed all was done and that a foreclosure would be on my credit report but what shows up is Foreclosure redeemed. What does this mean? Wouldn't it be a mistake? Otherwise I would assume we own the property still?? Any help or info would be greatly appreciated.

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Foreclosure Redeemed

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What is foreclosure redeemed

What does “foreclosure redeemed” mean? When a lender forecloses on a property, the homeowner has one last chance to stop the foreclosure. They can do this by paying off the entire mortgage balance, as well as legal costs incurred by the foreclosure. Doing this is called redemption, and there is usually a 6-month period during which you, as a home owner can collect the money needed to redeem the foreclosure. Often (but not always) the foreclosure will then be noted on the home owner’s credit report as “redeemed” — indicating the home owner successfully stopped the foreclosure.

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Foreclosure redeemed

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So how long does it stay on your credit? Could it be removed?

B

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Foreclosure Redemption effect on credit

In some cases your lender may even be willing to stop the foreclosure proceedings entirely if you can bring your mortgage current, but not all lenders are willing to do this. A redemption, on the other hand, is almost always possible.

A redemption legally requires the lender to stop the foreclosure proceedings, if you come up with the money to pay off the amount due the lender. If you can redeem the foreclosure, the house is yours.

The downside of redeeming a foreclosure is that it will still be a blemish on your credit record for the next seven years. A redeemed foreclosure is not nearly as damaging as a completed foreclosure — given the choice between redeeming or not, you want to redeem — but it is still an issue. A redeemed foreclosure can make it harder to get good rates on a car loan or other loans, and when you go to renew your current loan you may have to deal with subprime rates or even a rejection from the current lender.

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Foreclosure Redeemed

I had a foreclosure on my credit report from 2013 (that I had never received the paperwork on that stated it was foreclosed on). A few months ago I had a mortgage co run my credit to see what areas I need to fix. The foreclosure came up and it was stated I need to get a hold of the Sheriff's dept and find out the exact date of sale to proceed with a mortgage. I called, got transferred, got transferred again.. come find out, I had a dismissal letter dismissing the foreclosure on 2/19/13. I had no idea!! 

I got copies of the court ruling and mailed them off and last week started getting responses. Equifax just moved the foreclosure from 1 month to the next month and Transunion wrote Foreclosure-Redeemed. I didn't pay it off or stop the foreclosure process. I mailed in a dismissal order. Shouldn't my credit report reflect that?? they make it so hard to figure out and to fix your credit. It is almost like they don't want you to.

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The same exact thing happened to me, sold at auction, but I did have an insurance claim on the house from a pipe bursting, I sent them the insurance payment of $36000, they sold it at auction and my credit report says Foreclosure Redeemed.

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Lender told me

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We had foreclosure and it went to sale right away in 2012. Shows foreclosed redeemed on credit report. Didn't help us get a loan but lender said it means the foreclosure was paid by property owner. Very bizarre but they still won't loan for 7 years now.

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renting

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can i get approved  to rent a aparetment with a  credit report that says forclosure redeemed

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