Foreclosure reporting outside of credit bureaus

4 Replies

I had a home I purchased many years ago.  Then 2008 came and the market fell,  we tried to sell but learned due to bank selling my loan the title was messed up as a secondary loan was involved and we couldn’t sell it. It was at the time sitting vacant.  I hired an attorney and he suggested I just rent it until the problem got resolved.  That went on for over and year, I lost the renter and they destroyed the property and the banks ended up surging each other.  I was released for the remainder of the balance sue to a short sale value so it actually never hit my credit,  fast worked to now almost 10 years later.

I am in the market to buy a home again, my credit is fine and has been but one of the banks I am seeking to get approved with told my I came up on a fraud check as having a foreclosure on my report, whatever report that is idk, they were perplexed as well since it wants on my credit.  Nonetheless I should have it on anything but it apparently is.  I don’t even remember the lenders name and r]from the report they showed me it appears to be some federal mortgage assignment that put me on some list that have every address I’ve ever lives in on.  How do I fight to get this fixed/removed?

You would have closing documents from your short sale that would include a closing HUD, short sale approval letters. These documents prove what happened with the property. You may wish to contact the attorney/title co that closed your sale.

Ha, you would thing, but I do not have any document neither was I ever serviced.  This entire thing is a bunch of crap;  my credit was never hit with a foreclosure because I never had one that I was made aware of.  It was supposed to be a short sale.  I’ve learned today the attorney doesn’t practice anymore and now I’m left figuring out what to do.  The agency my present back secured this reporting information from is Core Logic. When I googled them this is the number that came up for credit reporting services, I’ve never heard of them before nor did I know any such agency outside the big 3 credit bureaus existed.   I know how these group work and whom pays them so I know me fighting with them without representation is worthless. I also learned not all banks use such reporting site.  Any suggestions/. Should I find a new attorney and fight?  I have 4 weeks before closing the loan and this effects the loan type I can qualify for which makes me made that I wasn’t afforded due process, but hey, we do live in a country which assumes guild 

What exactly is this underwriter asking? Are they asking about some foreclosure that showed up on some report?

I get you are saying nothing is on your credit report and that you are saying that THEY are saying there is something showing up on a corelogic report (Which is not a credit reporting agency)? Core Logic owns Credco. Credco sells credit reports, typically a trimerge credit report. There are multiple suppliers of credit reports. The four major "reporters" or credit are TransUnion, Equifax, CBC Innovis, and Experian. It gets really confusing to a consumer (And to me in the industry!) about what a credit reporting agency is, what a reseller is, etc..

At the end of the day, maybe i'm oversimplifying this but it sounds to me like they are askign for a letter of explanation for something that showed up somewhere on some report they subscribe to. If that is the case, give them a letter of explanation and call it a day. Based on what you wrote, makes sense.

One caveat, you say you didn't have a foreclosure and instead, had a short sale but, they are very similar in the damage they do to your credit, and usually (Not saying that is the case here), one follows the other. Meaning, you were IN foreclosure and before the sale, did a short sale. If that is the case, you could see a "Foreclosure Proceedings started" notice (Or something to that effect) on your report. Maybe they saw something like that but didn't see the resolution and are just asking for you to connect the dots?

Outside of 4 years, and less in some cases, a foreclosure has little, if any impact on your ability to get a loan, all things being equal. Regardless, find out if they are wanting a "LOX" (Letter of Explanation) and if they do, give them one. If I had to guess, i'd guess they see a mortgage on your credit and need to document its no longer there so they can exclude it from your debt ratio calculations. 

Just my two cents.

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