Bankruptcy/Foreclosure confusion???

[artgood]

Could use some input before I try to talk to my attorney.

A house we owned (but had moved away from - renting elsewhere) was foreclosed on late 2009. The sheriff's sale was scheduled for December 2009. I never heard anything after that.

In October 2010 we filed bankruptcy, and our attorney had us include the mortgage in the bankruptcy filing. Didn't think much of it at the time.

Now, we were looking into the possibility of buying a house again. I filled out an application for pre-approval, and was denied because we have to wait three years from the time of the sheriff's sale.

My question is, will banks look at the actual sheriff's sale time from late 2009/early 2010, or from when we filed bankruptcy? Our credit report says nothing about a foreclosure.

[Nufsayd]

While the foreclosure does not show up your report....it does show up when they run a title on the home. I'm no expert but it appears you have to wait 3 years from the foreclosure date (date of sale ) before you would qualify for the loan.

[athomas1469]

also,if it was a fha loan, or gov't backed loan it will show in the caivrs (credit alert verification reporting system) if you owe any money to the federal gov't, you will be in this database.

[HHM]

What do you think your attorney can do about it?

Welcome to the reality of the housing crisis. There is no work around for this, banks want any reason NOT to lend. The foreclosure clock starts from when the house "foreclosed", the BK is irrelevant (but for the fact you don't owe the deficiency, thankfully).

[artgood]

What do you think your attorney can do about it?

Welcome to the reality of the housing crisis. There is no work around for this, banks want any reason NOT to lend. The foreclosure clock starts from when the house "foreclosed", the BK is irrelevant (but for the fact you don't owe the deficiency, thankfully).

I don't expect my attorney to do anything. I just didn't know if I could find out the sale date of the house on my own. I guess we'll rent forever.

[artgood]

also,if it was a fha loan, or gov't backed loan it will show in the caivrs (credit alert verification reporting system) if you owe any money to the federal gov't, you will be in this database.

Can I view this database? If my mortgage was included with BK, will I still owe the govt?

[athomas1469]

also, if you want to find out the sale date of your home try logging into your county's website. all you need to know is the property address, your name, and maybe a few other details that you would know and see what comes up. that's how i found out about my foreclosed property. hope that helps

[athomas1469]

Can I view this database? If my mortgage was included with BK, will I still owe the govt?

we as consumers cannot view the caivrs database. even if you filed bk, if it was a gov't backed loan you will be in the caivrs for 3 yrs.

[artgood]

also, if you want to find out the sale date of your home try logging into your county's website. all you need to know is the property address, your name, and maybe a few other details that you would know and see what comes up. that's how i found out about my foreclosed property. hope that helps

Here's what I found under "Transfer History:"

1/11/2010 Change Ownership / Sheriff's Deed / From MYSELF / To Citimortgage Inc.

2/17/2010 Change Ownership / Warranty Deed / From Citimortgage Inc. / To HUD

3/8/2011 Change Ownership / Warranty Deed / From HUD / To Underwood David

So, did my name come off on 1/11/2010, or later?

[athomas1469]

when i look at the info it appears that your name came off on 1/11/10

[athomas1469]

so, looking at your discharge date and your foreclosure date, if you wanted a fha loan or other gov't backed loan, you would be good 3/1/13 (i put this date just because it was the first month after your 3yrs from foreclosure). from everything that i have read, foreclosure trumps bk. as long as u reestablish your credit, and absolutely no bad marks after your bk, you should be ok to apply for another gov't backed loan, qualify for other programs because you would be a first time home buyer again. (must not have owned a home in the previous 3yrs) if you haven't reestablished your credit, and want to apply for loan as soon as your wait period is over, i would start now because those accounts have to show at least 1yr of on time payments. hope this info helps