Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Getting A Mortgage After A Foreclosure
  If you are looking to finance a home purchase after a Foreclosure, you will need to know some important details before making application. We will cover Short Sales and Deeds in Lieu of Foreclosure in another post First, it is important to know how lenders define a Foreclosure. Foreclosure:     When a creditor (Lender/Bank) repossess/takes back a home that had a mortgage/note that was not being paid for a specified period of time.   Once the Deed and Title to the property is reassigned to the Lender/Bank that held the note/mortgage on that property we have a Foreclosure. In some states the Lender/Bank must go through the court system and formally serve the owner with a notice of intent to foreclose; sometimes referred to as a “Lis Pendens.” If the owner is able to sell the home either through a short sale or regular sale, before the Foreclosure is complete, it is not considered a Foreclosure; it is considered a Pre-Foreclosure Sale and not part of the following rules and guidelines. The following rules and guidelines are currently in place as of the publishing of this post. We will do our best to keep this post updated as changes are made. ... more

__________________________________________________
Are you on The Rain? Grow Your Network!