I filed Chapter 13 bankruptcy back in March 2010, and included my house in the bankruptcy and surrender it. I just found out Bank of America filed MFA to exclude the house and they were successful (august-2010). What that means is that, they can foreclose the house and not wait the bankruptcy! it's all fine with me.. but the house still under my name and i just called them and they say, they have no plans for the house yet and they would work with me if i want the house back! WOW! What a joke! i wanted to buy another house and it looks like it will never happen because of this situation. Why they are waiting 3+ years and still no plan? New lender told me after it goes to foreclosure, i have to wait 2 years addition afterwards. It looks like i will wait long time!
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It's not a matter of you getting the house back. The house is yours until they foreclose. If you moved out, you can move back in anytime you want.Originally posted by niko View Post
Your situation is very common. Lenders are not in a hurry to foreclose when they already have so many foreclosed homes. You may want to check with other lenders. The lender you spoke to apparently has standards that are stricter than FHA standards. Anotehr lender may be willing to work with you. Maybe go to an experienced broker who can shop for lenders on your behalf.
Are you still in Chap 13? If so, you'll have a better chance if you wait until after you are done.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
I'm scheduled to complete Chapter 13 in April 2014. I can wait not a problem, but i won't be eligible for FHA loan according to Credit Alert Verification Reporting System. The Lender i work with is very very nice person.
FAQ: If I am listed in HUD's Credit Alert (CAIVRS) System, what does that mean?
CAIVRS stands for Credit Alert Interactive Voice Response System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed 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 mortgage if he 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.)
For a borrower that had an FHA mortgage foreclosed, that borrower is not eligible to apply for another FHA mortgage until three years after the date that HUD paid the insurance claim to the lender. Removal from CAIVRS, however, does not guarantee eligibility for an FHA mortgage. A borrower is not eligible for an FHA mortgage if he or she has an outstanding debt with any Federal agency that is in delinquent status.
If the information in CAIVRS about a borrower with an FHA loan 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.
Originally posted by LadyInTheRed View PostComment
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Here is my story with B OF A, i filed for ch13 in 2010 and also seperated and moved out of my home with my wife. I surrendered the house in the ch13 but my ex( were still married) has been living there for 3 years and trying to short sale it kinda. She has talked to the bank many times and asked why they havent forclosed on it and was told as long as im in a 13 they will not forclose, so i get stuck in a 13 and she gets to live in home for 5-6 years for free. I just hope i dont get drilled on taxes when it finally does forclose.Comment
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I'm hoping the same. Attorney says it won't but if the house legally mine I'm responsible for the taxes and the upkeep the house right? Not sure what the right answer is. I will let you know by April 2014! Question, your original lender was Country Wide by any chance? I heard some rumors about countrywide owned accounts bought by BOFA...
Originally posted by jmac View PostComment
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That is what my attorney said also quite a while back, i hope he is right.Comment
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I can't remember if it was to be honest..Comment
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there also is a means to flight and get off the list. if your house was surrendering in bk and you can show hardship then you will be removed from the list. it is no small task, but the kicker here is if you lost your job or became ill and had to give up your house and then your file and the house is IIB you never belonged on the list to begin with.FAQ: If I am listed in HUD's Credit Alert (CAIVRS) System, what does that mean?
we are on the list and our house is still not foreclosed on and it's way over 5 years! i recently found out when i applied for a small mortgage, which really got me because even according to FHA we shouldn't be on the list. so if i want i can do all that paperwork and wait months or just come up with a bit more cash and forget them. we chose the later.8/4/2008
MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9Comment
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Tobee43, thanks for the information, would you please tell me why you think according to FHA you shouldn't be on the list when you default the FHA loan? i'm in the same boat as you are but i just can't find an answer. Your help would be appreciated. Thanks!Originally posted by tobee43 View PostComment
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FHA is 3 years for foreclosure , so in this case if B of A still forecloses, then it'd be 3 years from that date. Doesn't matter about what was in BK. If current loan is FHA then it'd be 3 years from when FHA pays the claim.Originally posted by LadyInTheRed View PostComment
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i called the bank once again, this time customer service rep told me something new.. He asked me to request for fast track foreclosure. I requested friday.. Let's see what happens next!Comment
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I am in the same boat with BofA.. I surrendered in 2010 and the house still sits empty with a 4' tall lawn. Did you have any luck with the fast track foreclosure? Can you share your experiences? It is maddening waiting for them!Comment
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No still waiting, they just paid the taxes and the insurance for the house. I'm not sure why they are so calm, i wonder FHA claim is big enough to cover all of their expenses?Originally posted by ChescoChris View PostComment
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