When does the clock start after foreclosure?

[mavstang73]

So I'm itching to get into our own home again.

Our BK was discharged in June 2010.
Our house went into foreclosure and from what I've gathered went into the banks name on 02/11.
It was then sold to a new owner on 7/11.

In order to apply for an FHA or Rural home loan its my understanding we need to wait 3 years from the date of foreclosure.
However I'm unclear as to what date. The day it went into the banks name or the day a new owner took possession?

We each have a couple of credit cards post BK and haven't accrued any new debt.

[justbroke]

It is the date on which the title to the property changed hands. So, if the bank foreclosed and received the property (as "real estate owned") back in 2/11, then the title would have been changed to the bank's name somewhere around the same time. It is THAT date, on the recorder of deed's Website, which is used.

[mavstang73]

It is the date on which the title to the property changed hands. So, if the bank foreclosed and received the property (as "real estate owned") back in 2/11, then the title would have been changed to the bank's name somewhere around the same time. It is THAT date, on the recorder of deed's Website, which is used.

Thank you very much.
I've searched for an answer and no one comes right out and says exactly what date.

Looks like I'll be 3 years in the clear on 2/09/11

Hopefully we can either get an FHA loan or USDA direct loan. A USDA direct loan would be great but I've heard the processing is very backed up and depends on whether or not there are funds available.