FHA : "Ignore" Foreclosures, Bankruptcy, Short Sales?

[tobee43]

i hear you path...this is so convoluted and really i think it's all just to confuse all of us LOL!!

again, from what you are saying i will have to wait 23k years. i'm not buying that. if i come up with 1/2 down and have a DMI of 6k zero debt or just a little to make it look good, have assets, savings to even secure the loan, i think i can find a lender no matter what. WAIT!!! i shouldn't say that...not today but the time will come when the banks want to unload all their inventory and of course this time you don't want to purchase more than what you can handle forever anyway. not all loans need to be FHA...we only had one and we owned altogether 5 homes.(not at the same time).

[pathfinders]

Tobee, yes you have to wait 100% 23 years under the current rules, Now you are extreeme of course, FHA tates you have to wait 3 years from when your Fouclouser is completed DIL short sale makes no Difference, I know you do not want to hear it but yes 23 years or up to in your case ,, Most people me Included it ook 1 year for out DIl Hose IIB so we have a 2 year wait as far as 505 down does not make a differentc at all period, call around like i did to about 25 lenders, we are looking for about 250 to 300 k i can put dow 20-30% and plently in reserves, No go Perioed all banks and CU's have overlays and it they will not take a loan Period no matter how much you put down unless it confirms to FHA freedy or fanny so they can sell it to the Gov if they want toOther wise they would have to kppe it or be forced to have it a a Portfilio and keep the loan in house,,, never happens anymore, I know you are in that 1 in a 1000 case sorry. unless FHA changes guidlines you are stuck unless you get the bank to take it back that is where your fight needs to be: i now your story and it is a tough one. Feel free to spend a whole day calling Banks CU's Fha Fha approved lenders USDA Homepath everyone and you will get the same answer,

[tobee43]

Tobee, yes you have to wait 100% 23 years under the current rules, Now you are extreeme of course, FHA tates you have to wait 3 years from when your Fouclouser is completed DIL short sale makes no Difference, I know you do not want to hear it but yes 23 years or up to in your case ,, Most people me Included it ook 1 year for out DIl Hose IIB so we have a 2 year wait as far as 505 down does not make a differentc at all period, call around like i did to about 25 lenders, we are looking for about 250 to 300 k i can put dow 20-30% and plently in reserves, No go Perioed all banks and CU's have overlays and it they will not take a loan Period no matter how much you put down unless it confirms to FHA freedy or fanny so they can sell it to the Gov if they want toOther wise they would have to kppe it or be forced to have it a a Portfilio and keep the loan in house,,, never happens anymore, I know you are in that 1 in a 1000 case sorry. unless FHA changes guidlines you are stuck unless you get the bank to take it back that is where your fight needs to be: i now your story and it is a tough one. Feel free to spend a whole day calling Banks CU's Fha Fha approved lenders USDA Homepath everyone and you will get the same answer,

trust me it's not. there are many ways around the system. again i have only had ONE FHA....which if you have enough money, it talks and helps you walk.

and remember i purchased a house with 100% owner financing after my bk....with NO problem. again not the norm because apparently i am always on the other side of that sliding scale. i guess along with everyone else that lives in nj where the banks are not foreclosing very quickly. that's why i have had to become quite creative with how i proceed. we are looking to purchase another place within the next 1-2 years for certain. one can even secure their own loan

[hrguy]

Any update on this topic? When this was released in the press in September it was speculated as being in the works for effect in 75 days, which would be on or around Dec 1st. 2012. Anyone know if this is def going to go through?

[tradinglife]

Must have just been a rumor, have been combing the internet have yet to see anything else on this. We are in process of getting USDA loan as we speak, we will soon find out if this is possible, broker says no problem, I am skeptical....

[justbroke]

I had not heard anything either, and my initial skepticism has not diminished at all.

[GettingGoing]

Must have just been a rumor, have been combing the internet have yet to see anything else on this. We are in process of getting USDA loan as we speak, we will soon find out if this is possible, broker says no problem, I am skeptical....

So your home was just finally foreclosed on this in February of this year an you are being told you can qualify for a USDA mortgage? Is this a direct or guaranteed mortgage? Thanks

[tradinglife]

So your home was just finally foreclosed on this in February of this year an you are being told you can qualify for a USDA mortgage? Is this a direct or guaranteed mortgage? Thanks

Our home sold at sheriff sale in february, out of our name in july 2012. This is a usda guaranteed loan, we should know within a month, have had a snag regarding title search (property survey issue). Anyway broker says they cannot dock you for both foreclosure and bk. He says his underwriters use bk as timeline, that foreclosure time does not matter umless you foreclosed seperately and did not wrap home in bk. I know we have all heard this isn't possible, I am keeping my fingers crossed hoping for a miracle. I am still skeptical after the financial disapointments we have had the last several years.

[hrguy]

Did this rule go into effect?

[GettingGoing]

Did this rule go into effect?

No there has been no rule changes as far as I know. I have done some research and it appears most of this talk originated from one particular mortgage blog and was picked up and reported by many other blogs and forums. I have reached out to that blog owner several times to get any more information however my emails have all went unanswered.

[GettingGoing]

Our home sold at sheriff sale in february, out of our name in july 2012. This is a usda guaranteed loan, we should know within a month, have had a snag regarding title search (property survey issue). Anyway broker says they cannot dock you for both foreclosure and bk. He says his underwriters use bk as timeline, that foreclosure time does not matter umless you foreclosed seperately and did not wrap home in bk. I know we have all heard this isn't possible, I am keeping my fingers crossed hoping for a miracle. I am still skeptical after the financial disapointments we have had the last several years.

Wondering if you have any updates?

[tradinglife]

Wondering if you have any updates?

Discovered during title search discovered that seller misrepresented acreage (this is a long story in itself, lol!), so had to have property re-appraised, wrote new offer, that finally should get back to underwriting this week. Broker thought we would close at end of November, but this title/acreage issue has held us up 2 weeks! At this point it will be a miracle if we close this month!

[pathfinders]

I found a portfolio Lender, They will do Our loan they have a program where you have to be 2 years past discharge we were( 7) and only 1 year of the home being out of our name, ( FHA is 3 years) you need 20% down recovered credit scores ours are FICO 700 and 702 and of course reserves in the bank 3.25 rate 6-1 Arm after 1 year the loan is of course seasoned and we can refi into a 30 year fixed :


One more thing as far as your foreclosure you can not have just not walked away has to be a reason you lost the Home Job etc:

[GettingGoing]

I found a portfolio Lender, They will do Our loan they have a program where you have to be 2 years past discharge we were( 7) and only 1 year of the home being out of our name, ( FHA is 3 years) you need 20% down recovered credit scores ours are FICO 700 and 702 and of course reserves in the bank 3.25 rate 6-1 Arm after 1 year the loan is of course seasoned and we can refi into a 30 year fixed :


One more thing as far as your foreclosure you can not have just not walked away has to be a reason you lost the Home Job etc:

This does nothing for all the people in my situation that have a bk7 house that the lender does not want to take back.

[tradinglife]

Tobee, yes you have to wait 100% 23 years under the current rules, Now you are extreeme of course, FHA tates you have to wait 3 years from when your Fouclouser is completed DIL short sale makes no Difference, I know you do not want to hear it but yes 23 years or up to in your case ,, Most people me Included it ook 1 year for out DIl Hose IIB so we have a 2 year wait as far as 505 down does not make a differentc at all period, call around like i did to about 25 lenders, we are looking for about 250 to 300 k i can put dow 20-30% and plently in reserves, No go Perioed all banks and CU's have overlays and it they will not take a loan Period no matter how much you put down unless it confirms to FHA freedy or fanny so they can sell it to the Gov if they want toOther wise they would have to kppe it or be forced to have it a a Portfilio and keep the loan in house,,, never happens anymore, I know you are in that 1 in a 1000 case sorry. unless FHA changes guidlines you are stuck unless you get the bank to take it back that is where your fight needs to be: i now your story and it is a tough one. Feel free to spend a whole day calling Banks CU's Fha Fha approved lenders USDA Homepath everyone and you will get the same answer,

Just closed this week on a USDA loan! if I had settled for what everyone said about the wait after foreclosure i woould still be renting! Our foreclosed house was sold and transferred out of our name in July of this year!