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What does "Foreclosure Redeemed" mean on a credit report?

Customer Question
What does "Foreclosure Redeemed" mean on a credit report?
Submitted: 3 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
5/19/2015
Real Estate Lawyer: Barrister, Lawyer replied 3 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,027
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
.
It typically means that the borrower went into default on their home mortgage, and foreclosure proceedings were initiated to start the foreclosure process. The borrower then was able to pay any delinquent amounts to reinstate the loan and cure any default or they exercised a statutory right to reclaim the property after a sale by paying all past due amounts and any foreclosure fees. So they "redeemed" the property and stopped any foreclosure sale from becoming final.
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This is much less damaging on a credit report than a foreclosure.
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.
thanks
Barrister
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Customer reply replied 3 years ago
Thank you Barrister, I appreciate that response. So would you say this is on par (severity-wise) with a deed in leiu of foreclosure? It sounds like it's not a complete foreclosure that requires a 7 year waiting period.
Real Estate Lawyer: Barrister, Lawyer replied 3 years ago
You are very welcome.
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""So would you say this is on par (severity-wise) with a deed in leiu of foreclosure?""
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Not quite as good as a DIL because that is where there is no foreclosure proceedings initiated and the borrower just deeds the property back to the lender and they forgive any outstanding loan balance.
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I would say it is probably on par with a short sale, which is a little worse than a DIL.
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And while it will still show on a credit report for up to 7 years, Fannie Mae has recently shortened their 4 year mandatory waiting period for making new loans to someone who was involved with a foreclosure, short sale, or DIL down to 2 years and have even waived it in some cases alltogether.
.
.
thanks
Barrister
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