Foreclosure credit question

[CT_refi]

What is the name of your state? CT

Well, after a long drawn out process...we look to have emerged from foreclosure successfully. Closed last Friday, funded today...previous lender gets their check tomorrow. As an added bonus, a last minute lender came in just before we were about to close with someone else, with a better rate, and paid off all other outstanding debts...and kept the LTV under 65%.

As I start the slow road back to credit recovery, I have some questions:

1. What exactly will go on our credit? When it looked like we were finally going to refinance, we stipped to a judgement of foreclosure by sale, and the judge set a sale date 5 months out, with no committee activity before May 13. This was about 3 weeks ago. So does that mean that while there was a foreclosure process, there was no actual foreclosure?

2. Will it be on both of our credit? The original mortgage was in my wife's name; but I was on the title and the note (I think that's the way it worked...the loan was not in my name, but the house was in both?). The suit had both of our names on it; but also had the names of the previous owners, who held a 2nd mortgage on the property. Is my wife's credit the one that will be most affected?

Thanks for your help!

 

[HUD-1]

Congrats on getting out of f/c! If you retained title and the Law Day did not come and go, then a foreclosure was started, but not completed. How it affects your credit will depend on how the lender reports it to the credit bureaus. Pull a copy of your report and see what is on it. (In September, the East Coast will be able to get a free credit report from each of the 3 major credit agencies.)

 

[CT_refi]

thank you...an experience I think we learned a lot from, and have been pretty much scared straight. We were lucky to have enough equity in our home to be able to get a loan that could pay of the FC as well as some other debts, and can more than afford the increased mortgage payment because we don't have many others right now.

What about my second question....if I was never on the actual loan, but was on the title of the house...will this mortgage be on my credit? It never has been in the past, but I was wondering if they would report it on my name now due to the fact that I was on the summons...