Foreclosure/Disclosure on Mortgage Application

[Savan]

What is the name of your state? Georgia

Me and my husband are currently looking to purchase a home. 10 years ago we suffered a financial hardship which caused us to go into foreclosure. The foreclosure has now dropped off the reports and we have decent credit after 10 years of trying to get it all right. My question is regarding disclosure of the foreclosure. Under the declarations section of the loan application it asks if we have had any foreclosures in the past 7 years. (thats a no brainer ..of course we havent it was 10 years ago) The problem we are having is under question (e) of the declarations it states: Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? If yes please provide details. Our question is this..are we obligated to disclose information that has run its course and been dropped from our credit reports? Or is this more of a disclose if you want to or is it a have to? Any help would be greatly appreciated! Thank you inadvanced!

[seniorjudge]

Originally Posted by Savan

What is the name of your state? Georgia

Me and my husband are currently looking to purchase a home. 10 years ago we suffered a financial hardship which caused us to go into foreclosure. The foreclosure has now dropped off the reports and we have decent credit after 10 years of trying to get it all right. My question is regarding disclosure of the foreclosure. Under the declarations section of the loan application it asks if we have had any foreclosures in the past 7 years. (thats a no brainer ..of course we havent it was 10 years ago) The problem we are having is under question (e) of the declarations it states: Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? If yes please provide details. Our question is this..are we obligated to disclose information that has run its course and been dropped from our credit reports? Or is this more of a disclose if you want to or is it a have to? Any help would be greatly appreciated! Thank you inadvanced!

Q: Our question is this..are we obligated to disclose information that has run its course and been dropped from our credit reports?

A: Yes. The question states: Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?