It's the date that the home was legally taken out of your name - you should contact the county recorder/assessor to determine when the sheriff's deed or trustee sale was held. If the foreclosure was indeed in October then you should contact the creditor for the trade line and ask them to report it correctly - the foreclosing happening in 10/2008 instead of 12/2008. It should be updated within 30 days, often sooner. I am helping someone who had a Wells Fargo foreclosure remarks incorrectly reported and it took them a couple weeks to make the change & report it to the credit bureaus. You could also try disputing it through the credit bureaus themselves but I find that contacting the creditor first is often quickest.
You'll want to make sure it's reported correctly because if it isn't then your loan will have to be "manually underwritten" and tougher guidelines will apply (which you may still be able to meet), however if it's reported correctly, and your credit is checked in November of 2011*, then odds are you will get an "automated underwriting approval" and it'll make your refinance process easier.
* The reason to check it in November of 2011 is because the automated underwriting systems can't tell if a foreclosure happened on October 2nd or October 30th, it'll just think it happened sometime in October, and will get a "Refer" for your application being within 3 years of the foreclosure month. I've done several trial & errors with those dates.... more
I have been successfully negotiating short sales as well as following properties through the foreclosure process and listing them for many years. So I know the process and what happens to the lien holders very well. If your property was foreclosed on by your first lender, than your second lender can pound sand unless it was a HELOC and then they would've to go to court to have a judgement awarded. Call or email me, let me see the paperwork and I can review the circumstances and point you in the right direction. Please see my profile, it has all my contact info.... more
Yes they are very interesting to attend. I didn't start bidding until I had gone to many of them and did a lot of reading and research (and even a title search on the particular property that I went after).
Now I can't be sure how it work in your area but often it's like this:
- The Sheriff Sales are usually held at the county courthouse. The timing of this can vary very widely by area. In some places, it's weekly. In others, it's only once a month.
- Yes anyone can go there.
- Yes, when you are ready to bid, you'll need to have cash (bank checks). The cash that you need onhand again varies by area. Some places you need 10% of your bid and others more.
Then you need to have all the rest of the money shortly after you win a big - again this varies. It can be 10 days or 30 days, etc. These are usually calendar days, not business days.
Here's a place to start your search:
Some people at these auctions will be helpful and informative with you. Others will gladly feed you bad info or not wish to speak with you at all.... more
Before bidding, confirm that you will have inspection contingency rights, so that you can get out of the deal if the condition is as poor as you fear.
Don't get "Auction Fever!"
Will you be bidding on a short sale?... more
Any Realtor can help you find foreclosures. No problem.
You might do better to first find a good mortgage banker who can help you find a program to buy a well-cared for home within your financial capabilities. Distressed properties typically need a cash infusion, sometimes a lrage cash infusion to make them habitable, but at least significant cash for updating.
Downpayment on a foreclosure is only the beginning of the financial outlay.... more