Foreclosure in Santa Ana>Question Details

xtremesoftba…, Home Buyer in Tustin, CA

How long does a dismissed foreclosure stay on our credit report?

Asked by xtremesoftball1, Tustin, CA Mon Jun 10, 2013

We were denied a home loan because we had a foreclure on our credit report but we never went through the foreclosure process. We sold our home 2 years ago as a quick sale to avoid foreclosure, however, our attorney at the time had started the foreclosure process but we decided not to do that afterall and it was dismissed. We never went to court or did anything else regarding the foredlusure.

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Answers

7
3 years after short sale for FHA...
2 years for VA.
0 votes Thank Flag Link Tue Jun 11, 2013
I am afraid when you made the decision to file BK, it put you in the same category as all other filers for the next 10 years. Believe it or not, your Attorney thinking they were helping you actually hurt you. Whether or not your BK was discharged or dismissed, it's all the same. Your waiting period to re-enter the housing market is at follows:

1.) VA- 2 years from the BK dismissal date or short sale date, which ever is most current.
2.) FHA- 3 years from the date of short sale
3.) Conventional- 4 years after from the BK Discharge or Dismissal date.

Sorry my friend, that's as straight as I can be with you.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Jun 10, 2013
So did you sell the house on a regular sale or was it a short sale or deed in lieu? I can research the date and what type of sale it was if you want to contact me.
0 votes Thank Flag Link Mon Jun 10, 2013
Xtremesoftball:

I'm a mortgage banker. If you did not in fact go through a foreclosure and its reporting wrong - It's a very easy fix. I get credit reports corrected all the time. In fact, it's part of Fair Credit Act that the lender report the correct information for consumer.

It appears your past lender was "lazy" and didn't want to take the extra step to get this fixed. Let me guess - It was a "big bank"?

My firm specializes in new purchase transactions. We are a direct lender and have offices from Hawaii to Florida. I'm local here in Orange County & I can get this fixed ASAP.

Please call my cell direct @ (949) 212-4578

Thank you!

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: (949)212-4578
NMLS: 832635
0 votes Thank Flag Link Mon Jun 10, 2013
I have lenders that can lend one day after foreclosure goes through. FHA or other conventional lenders you will have to wait 2 years. You have options. Let me know if you need some help.
0 votes Thank Flag Link Mon Jun 10, 2013
You can request the bureaus to remove it from your credit, just send them proof and they will remove it.
0 votes Thank Flag Link Mon Jun 10, 2013
It sounds like you went thru a SHORTSALE, whereby you sold the house for less than the balance owed to the Lender.
You might possibly get a new loan now; depending on the Lender.
0 votes Thank Flag Link Mon Jun 10, 2013
Yes, it was a shortsale, sorry about that. Ok, so we just need to shop around for a lender that might be able to help us.
Flag Mon Jun 10, 2013
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