Credit report

[Wendy W.]

I had to file bankruptcy and foreclosure in 2009. The foreclosure was discharged with the bankruptcy. But on my credit report it lists "foreclosure.". My BK attorney says that is an error, that that word should not show on report because it was discharged . I filed a dispute with the credit agency and their response is that it is accurate the way it is.
Who is correct? BK attorney or credit agency? I want conventional loan but can't get one for four more years with that word"foreclosure" on my report. Does anyone have any suggestions?

[Steve Babiak]

How did your foreclosure get "discharged"? A BK gets either dismissed (bad outcome) or discharged (good). A foreclosure would have to be sold at some point before it went to auction to not be a foreclosure (sounds strange). So did you sell the house, or did the bank take it? If the bank took it, you now have a completed foreclosure. If it sold before the foreclosure was completed, then this maybe should be reported differently.

[Wendy W.]

Hi Steve
Thank you for responding to my question.
The bank took it and I'm pretty sure it was sold to somebody AFTER
foreclosure was complete.
Does that make any difference?

Thank you!
Wendy

[Steve Babiak]

That is the definition for a completed foreclosure ...

Did you explain that to your BK attorney?

[Bill Gulley]

Since you filed for BK you have othr issues, on the 1003 loan application there are some questions asked that will kill your application for 3 years;

Have you declared bankruptcy.....have you had a foreclsoure or given any deed in lieu of foreclosure, and others pertaining to other loans....

To qualify again, you'll need to re-establish credit during that 3 year period, often it's not sufficient and takes 4 to 5!

Exceptions that help are BKs due to medical bills, employer closing with a job loss, out of your control. :)