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bdbear4

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What should I do about a foreclosure that does not appear on credit report?
I had a vacation property foreclosed on in December 2011. On my credit report, the comments section for this account states that the foreclosure procedures have started. It appears the lender never reported that the foreclosure was finalized. The last updates were from 2009. How should I handle this? Should I call the lender? Should I dispute through the credit bureaus? How will this impact my score which has been improving since this foreclosure? I know it sounds strange to want the foreclosure on my credit report, but I want my report to be accurate. We are looking to refinance our current mortgage this year and I know questions will arise about this foreclosure?

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Pull a copy of your credit report from one of the other bureaus to see how it is reporting on Equifax or Experian (go to www.annualcreditreport.com).  It may be slightly better to have it "foreclosure pending" instead of foreclosed for your score, but you may have an issue with your lender when you try to re-fi.  However, I would talk to your lender before disputing it to see how much of an impact either scenario would be.  Mortgage folks often look at things differently, so I'd check with them first.  Take them a copy of your free report from annualcreditreport.com so they don't have to pull a new one and cause a hard inquiry on your report.  

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bdbear4

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Thanks.  Below is how it reports at each of the three bureaus:

Experian:  Credit Grantor reclaimed collateral to settle defaulted mortgage 

Transunion: 120 days past due, Foreclosure redeemed

Equifax:  At least 120 days or more than four payments past due, Forecloure process started.

The lender last reported on the account in July 2009.  It looks like Transunion and Experian have the foreclosure complete, but not Equifax.

I'm not sure what the refi lender will ask when we go to refi.  I also have a question about the waiting period to refi after a forecloure.  My understanding is that, in general, I'd have to wait three years after a foreclosure to refi.  When I have called the lender about when the forelcosure was complete they say in 12/11, but on my credit report it looks like they reported the foreclosure in July 2009 which would mean I would have some possiblities on a refi now.  Is my thinking correct?

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Foreclosure in NJ

  • Bought a house in 2004 after a few hardships, jobloss... pregnacy etc our Mortgage company decided to foreclose on the house. Our house was financed through GMAC at that time. About a year in half later our loan was sold to Countrywide. The loan was sold many times throught the foreclosure process. GMAC-Countrywide-Litton Loans-Ocwen and 21 Mortgage. The house finally foreclosed 2015. The probolem im having is that 21 mortgage never reported Forclosure on my credit report . When i called them they told me in writing that there not reporting it because I never open the account with them. What I find interesting is that I pulled my credit history and I dont see anything about Real Estate account being opened. Is this Normal ...did I just get lucky ? If I ever go for house again will the lender ever see foreclosure ?  any feed back would be greatly appreciated.

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