HUD’s new “Back to Work” program allows previous homeowners to obtain a new mortgage as soon as one year after foreclosure? So when, technically, is “foreclosure?”
The can be confusing, especially for those who may have moved from, or never lived in, the subject property. Is it the day a Notice of Sale was issued, the auction date itself, the end of any applicable redemption period or when the borrower’s name was removed from title? And how can one find out when those dates were, anyway? They’re not exactly etched in a previous homeowner’s memory.
Typically, “foreclosure” is considered the date that a property transferred out of a borrower’s name. This can be found by requesting a copy of the new Deed (or Sheriff’s Deed, Deed after Foreclosure, Certificate of Sheriff’s Sale, etc. depending on the state in which the property was located) from the local county recorder’s office. This document serves as proof that a borrower is no longer responsible for a property. The date on which it was recorded is commonly considered the date of foreclosure.
If you have any questions regarding which document to look for in your state or how, specifically, to go about finding your date of foreclosure, give us a call at 888-634-4260. The sooner you are aware of the date, the sooner you can begin working on qualifying for your mortgage after foreclosure!Tweet