Confused and angry.

[artgood]

Let me lay this out and see if someone can help:

Dec. 2009 - House foreclosed, Sheriff's sale.

January 2010 - Change of ownership (Sheriff's Deed) Me to Citimortgage.

February 2010 - Change of ownership (Warranty Deed) Citimortgage to HUD.

At this point I thought we were done with the house.

October 2010 - filed chapter 7, attorney includes Citimortgage as a creditor.

February 2011 - BK discharged.

Now, based on these dates, when should enough time have passed that I could attempt to get another FHA loan? I was thinking right about now. Lending officer was trying to tell me another year. Foreclosure doesn't show up on credit report. Only BK does.

Can somebody - anybody - give me a clear answer??? Do I need to go back my BK attorney and have this figured out?

[justbroke]

There is no clear answer. In fact, the FHA guidelines are basically the FHA guidelines PLUS the lender's guidelines! Since you are technically a foreclosure, it is 3 years from the date that the property changed title. That's the FHA guideline. However, many lenders have stricter guidelines.

You could just shop around and see if you can find an FHA lender that would do 3 years. The one you went with may be basing the 3 years on your bankruptcy discharge, and not the time the title changed. (Just for reference, FHA is 2 years from a bankruptcy, or 3 years from a foreclosure/short sale/deed in lieu, whichever is longer. Lenders can apply additional guidelines.) I would add that many lenders want 3 years of seasoning from your bankruptcy discharge, regardless of any foreclosure which occurred prior to filing bankruptcy! (Remember, they are just guidelines and not rules. The guidelines are so that lenders can "expect" with some certainty that the underwriting of the package will fit the FHA guidelines and the lender won't be stuck with an "un-insured" loan.)

This has nothing to do with your bankruptcy attorney.

May I ask what the rush is?

[tobee43]

i think as jb states there simply is no clear answer to this question.

just the other day someone posted that they just got a mortgage with Citizens bank, i was shocked, but apparently, it happened. as well as the past few months i have seen a VA go through on the board as well, however, they seem to me to be far and few in between.

as jb points out, there are FHA guidelines and then there are banking/lenders guidelines...the bankers and lenders can do what they want. i know the FEDs are telling them to begin to lend, however they are also be told not to take risks, so what exactly does THAT mean? it means there is very little lending going on out there even for those with good credit, i know three examples of that just off the top of my head. people who NEVER filed bk or foreclosed, have great income, PERFECT credit and still can't either re-fi or get a new mortgage.

i know many would like to take the opportunity to buy now, while the prices are so low, but unfortunately, until these lenders let lose, which has to be, i hope, within the next 1-2 years (something's got to give!) we aren't going to see many mortgages going through keep your chin up, the time will come!

[artgood]

The rush is because we just had to move before Christmas when the house we were renting got sold and the apartment we are in now is just temporary (until May). Plus financially a mortgage is less per month than what we would pay for another apartment. I just want a place of our own. I want some stability for my family.

[tobee43]

what you might want to do is start calling real estate places and ask tell them up front about your situation and see if they have any lenders or owners that may work with you. it's really the only thing i could suggest at this point. real estate people have many "in's" into what's going on out there. they may know of some lenders or some owners that may work with you. it's worth a shot.

that's what i did, really artgood, i must have made hundreds of calls trying to find us a place. you'll have nothing to lose. also call quicken loans, they say they are beginning to lend, but i don't really know for certain. unfortunately, you'll have to really hit the pavement hard and strong and see if you can get someone to work with you on this. best of luck, again, i know it will all work out for you!

[artgood]

Thanks Tobee. Wasn't too sure what to make of Quicken loans. I might give them a call.

[tobee43]

Thanks Tobee. Wasn't too sure what to make of Quicken loans. I might give them a call.

i know i called them a few years ago and they said if i was 2 years out they would have been able to help. i don't know if that has changed, but again, it worth a shot!

[Charlie777]

This month you meet the criteria of two years from BK7 discharge and 3 years from foreclosure, whichever is later. So you should qualify for FHA, most lenders won't take an application until March 1 because your discharge month was February.

A NACA loan may be better than FHA for you. No money down, no closing costs, 30 yr fixed and no PMI.

[artgood]

Well, I got the tip of my little pinky in the door... Lender said I have passed the FHA time frame and I can apply! Woohoo! At least that is something. Now I have to gather a buttload of documents and then I can actually apply.

[justbroke]

It is significant to find a lender who would let you apply, but the devil is in underwriting. Congratulations on getting someone to at least accept the package. It reads as though your excitement is tempered by the fact that you still need to get through underwriting. I wish you the best.

[ValleYum]

Good luck!! Keep us posted!!

[tobee43]

Well, I got the tip of my little pinky in the door... Lender said I have passed the FHA time frame and I can apply! Woohoo! At least that is something. Now I have to gather a buttload of documents and then I can actually apply.

great news!!! best of luck and keep us all posted!