Foreclosure & buying a house

[HOMEBODY]

I was discharged 9/2010. I had one house in another state included in the bk and I let that house go. The foreclosure process started when I initially filed in June 2010 but the bank did not sell the house until 2/2011 and that's when my name was taken off. So from what date does the foreclosure start? I understand that I have to wait 3 years from the foreclosure, but if it was included in the Bk tha meant that I was released from that responsibility...doesn't it?

I just recently pulled my credit and it doesnt mention any foreclosure...just the bk filing in 6/2010. My credit score is slowing going up...it has gone from 527 to 626 in one year so I am hoping to get to 700 soon so I can plan on buying a house.

Thanks

[HOMEBODY]

Just checked my credit report for the particular bank that I have the foreclosure on. It doesnt state that it was foreclosure, just that it was discharged in 8/2010. It does say that foreclore was starte in June 2010, but nothing else. So does that mean that there is no foreclosure and that since it was included in the BK that the foreclosure was cancelled out by the BK?

So when exactly is the 2 year mark...when you filed or when it was discharged for home buying?

[HHM]

The clock starts When your name came off the deed, not when the foreclosure was started. (there may be some variation if you are in a state that has a possessory redemption period, but the various mortgage lending clocks start running when the foreclosure is "complete", sorry).

You will be on a 3 year clock from 2/2011. The house was "foreclosed." There are countless threads in this forum on this issue. Everyone seems to get confused because they think the credit report is a legal document, it is not. Even if the foreclosure doesn't appear on your credit report (which it won't if you filed BK prior to foreclosure being started), doesn't mean the foreclosure didn't happen. Also, it doesn't mean there is no way for the underwriter to find out what happened to your prior house. Unfortunately, not withstanding the BK, you are on at least a THREE (3) year clock from when the house was foreclosed. As such, you will not get any FHA or conventional financing. If you are dead set on buying a house, (bad idea, but anyway), your only options would be either USDA or off-book lending (e.g. hard money, lease option, land contract).

[artgood]

Similar situation. How do you find out when the sale happened or name came off the deed?

[HHM]

Similar situation. How do you find out when the sale happened or name came off the deed?

Check your county recorder, at some point there will be some sort of conveyance recorded back to the bank.

[tobee43]

you know hhm, i'm also hard pressed to know anyone, even having their foreclosures reported within the expected time period, get another mortgage. maybe one or two tops.

i still think there is a problem with the banks lending even to many with excellent credit. ( i actually know a few of those never bk had 820 credit score and can't even refi and they are not underwater) so, until the banks start getting a bit nuts with all the inventory they are sitting on, i don't think we are going to see any bank loosen up with lending much money for mortgages.

[artgood]

So tobee43, you think in general banks are going to shy away from providing mortgage loans for a while?

[tobee43]

So tobee43, you think in general banks are going to shy away from providing mortgage loans for a while?

i do. i was just listening to a report about my area saying the housing prices have dropped over 35% of their value and how mortgages are at an all time low...well that's just great, but i have never known of anyone to get one of those mortgages. i even know someone with excellent credit got approved, great downpayment and then the bank said you need a co-signer...they got a co-signer and then the bank said ok...you need ANOTHER co-signer and these people have a perfect credit score and have owned a home before. so, i think the banks are holding holding holding!!

i do know at some point something has to give, it's just when that time will come who knows. and, remember the million and over homes are going like hot cakes they can't even keep enough inventory on those, at least not here in florida, it's just the middle class that are being wiped off the slate

[athomas1469]

i checked my county's info online. everything came up about the property, even who the person was who bought the property after me.it showed all my info when i purchased and when it was transferred out of my name. hope that helps

[OneDay]

Our BK with a FHA foreclosure was discharged on 2-4-08 and the sale of the home was 8-24-2008. We thought we were eligible for a FHA loan based on a pre approval 3 years from 2-4-2008, WRONG it was 3 years after the 8-24-2012 sale date and name removed from title. We were upfront with the bank and they still missed this, the bank needs to pull a CAIVRS report if you are applying for a FHA loan. If you are applying for a conventional then I am not sure any of this applies.

[tobee43]

Our BK with a FHA foreclosure was discharged on 2-4-08 and the sale of the home was 8-24-2008. We thought we were eligible for a FHA loan based on a pre approval 3 years from 2-4-2008, WRONG it was 3 years after the 8-24-2012 sale date and name removed from title. We were upfront with the bank and they still missed this, the bank needs to pull a CAIVRS report if you are applying for a FHA loan. If you are applying for a conventional then I am not sure any of this applies.

sorry you found out the hard way, but yes, it's from the day of the sale which is the date the deed/title changes names and yours is removed.

[GettingGoing]

With an FHA loan I thought it was 3 years from the date that FHA paid the claim by the bank and not the sale date. I have heard it can take many months for the bank to file a claim even after the sale date.

[tobee43]

With an FHA loan I thought it was 3 years from the date that FHA paid the claim by the bank and not the sale date. I have heard it can take many months for the bank to file a claim even after the sale date.

yikes!! hope not. the way it works is this (straight from the FHA mouth to here). first the bank must do the foreclosure, then put in a claim to the FHA, the, which may take whatever time they feel like to payout the loss. so it's actually the date of the sale and the title and deed change owner names...whether it's the bank that purchases back the property or another private owner.

[GettingGoing]

yikes!! hope not. the way it works is this (straight from the FHA mouth to here). first the bank must do the foreclosure, then put in a claim to the FHA, the, which may take whatever time they feel like to payout the loss. so it's actually the date of the sale and the title and deed change owner names...whether it's the bank that purchases back the property or another private owner.

I was just reading on the FHA website earlier today and it specifically said that the three year wait will start from the time that the claim was paid. I was also reading at the myfico.com forums someone in this exact situation. Their house was foreclosed/transferred out of their name 02/08 however the FHA didn't pay the claim until 12/08 so they had to wait till 12/11 to become FHA eligible. Even after 12/11 it took 3 months for the FHA to remove them form the CAVIRS system.

[tobee43]

I was just reading on the FHA website earlier today an it specifically said that the three year wait will start from the tome that the claim was paid. I was also reading at the myfico.com forums someone in this exact situation. Their house was foreclosed/transferred out of their name 02/08 however the FHA didn't pay the claim until 12/08 so they had to wait till 12/11 to become FHA eligible. Even after 12/11 it took 3 months for the FHA to remove them form the CAVIRS system.

yes, and the key words here are: from the time the claim was PAID...not the house was sold..scary stuff!! what if there is some type of hold up and they don't pay for 10 years!