Foreclosure & buying a house

[GettingGoing]

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!

I am in this "holding pattern". We were discharged 7/2010. Wells Fargo is just now finishing up the foreclosure process. I have been in contact with them trying to get the process over with so that I can start my 3 year wait however everyone that I have talked to at WF had said that it can take years for a claim to be file because they wont file a claim until they sell the property so that they now how much of a loss to file the claim for. It actually makes sense if you think about it. Its very devastating to me to thiink that I may have 4-5-6 years before I am able to buy a new home for my family.

[tobee43]

don't be down about it. that is only FHA...there are other means of financing a house. besides, just look at this site and the news, million of people are in the same situation!!! the banks are going to have to change their ways or they will go BK keeping up all the homes they foreclosed on.

conventional loans are not out of the question if you had a bk, i think many forget about that. actually, thinking hard about it, i can see in the future after this situation happened, that the government is going to think hard and long before issuing loans out. there will be other means and ways

[GettingGoing]

don't be down about it. that is only FHA...there are other means of financing a house. besides, just look at this site and the news, million of people are in the same situation!!! the banks are going to have to change their ways or they will go BK keeping up all the homes they foreclosed on.

conventional loans are not out of the question if you had a bk, i think many forget about that. actually, thinking hard about it, i can see in the future after this situation happened, that the government is going to think hard and long before issuing loans out. there will be other means and ways

I know there are other means of financing a home and will look at all my options when the time is right. I guess my big gripe if that WF is just now deciding to foreclose on the property meaning I have at a minimum 3 years of waiting. We are renting a home that we would love to buy however that really isn't an option with no means of financing. I have actually contemplated quit claiming my wife off the deed of the house in an attempt to keep her out of the caivrs system. I don't know if that really works or not but everything I have read says it will work. Only problem with that is I don't think her income would qualify to buy the rental we are living in now and we do not want to move out children again.

[tobee43]

in two years after your bk you can co sign a loan for your wife

[GettingGoing]

Would it really work as easy as that? We have rebuilt our credit and have both excellent employment history. Hmmmmmm

[ValleYum]

In case you are like me and don't know what the CAVIRS system is:

CAIVRS stands for Credit Alert Interactive Voice Response System.

CAIVRS is a system maintained by the federal government that lists persons who have defaulted within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal government. Examples of Federal debts include previous FHA or Veterans Administration home loans, Federal student loans, Small Business Administration loans and similar types of debts.

A borrower is not eligible for an FHA-insured mortgage if he/she is presently delinquent on any type of Federal debt, unless the delinquent debt is paid in full or otherwise brought current under a repayment plan approved by the Federal agency that is the holder of the debt. If the borrower is under an approved repayment plan with the debt holder, the borrower will have to obtain a written copy of it from the debt holder. (Federal IRS tax liens may remain unpaid provided the IRS subordinates the tax lien to the FHA mortgage.)

If the information in CAIVRS about a borrower with an FHA-insured mortgage is incorrect, FHA will correct the information upon submission to the appropriate FHA Homeownership Center (HOC) of documentation showing the correct information. The HOC cannot correct information reported by another government agency.

To contest FHA related information contained in the CAIVRS system, contact the FHA Resource Center at (800) CALL-FHA (225-5342).

Source: http://findamortgage.com/online.reso...rs.listing.asp