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FHA underwriting conditions

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fattyslims
New Member

FHA underwriting conditions

So I just got my conditions back

1.  copy of all ch7 bankruptcy docs---no problem...but why?  isnt the discharge all that matters?

2.  copy of all forclosure docs---problem....What docs would they be wanting???  I never received a single document other than some collection notices from an attorney for fannie mae and a letter from a realtor who was in charge of selling the property after we moved out.

 

My LO just says send what I've got.  Any suggestions what they might be looking for?  If they go to the countys register of deeds site, they can see my forclosure has been seasoned.

 

Thanks.

Message 1 of 7
6 REPLIES 6
StartingOver10
Moderator Emerita

Re: FHA underwriting conditions


@fattyslims wrote:

So I just got my conditions back

1.  copy of all ch7 bankruptcy docs---no problem...but why?  isnt the discharge all that matters?

2.  copy of all forclosure docs---problem....What docs would they be wanting???  I never received a single document other than some collection notices from an attorney for fannie mae and a letter from a realtor who was in charge of selling the property after we moved out.

 

My LO just says send what I've got.  Any suggestions what they might be looking for?  If they go to the countys register of deeds site, they can see my forclosure has been seasoned.

 

Thanks.


1) The underwriter is looking for your Ch 7 petition  This is normal and customary. Why, I have no idea, but when you have a Bk the u/w asks for it along with a copy of the discharge.

2) Foreclosure docs - the most important document is the Certificate of Title (as far as the u/w is concerned). Check with your LO to see if that is all they need or if they want to see the f/c filing too. It seems strange to me that the u/w wasn't a litle more specific in their request other than "docs" ...

 

As to having the u/w go to the register of deeds to pick up the info - no, they don't do that. The underwriter reviews the file as it was given to them - your LO should have told you that these items were needed prior to the file actually getting to the u/w.

Message 2 of 7
fattyslims
New Member

Re: FHA underwriting conditions

Thanks for your reply.  Could the "certificate of title" be referred to as something else?  Would i find this at the Register of Deeds?  Im on the county's website and i dont see that as an option, but supposedly i can print public records off for free, and im hoping i can find what your referring to and send it to the LO in the morning.

Message 3 of 7
StartingOver10
Moderator Emerita

Re: FHA underwriting conditions

If you look at the property record you should see the deed when it transferred from you to the bank. That is known as a CT or Certificate of Title. I don't know it as any other name, but maybe someone else has seen it recorded as something else.  The u/w is looking for that actual transfer date and deed from you to the bank (f/c) or to another buyer in the case of a short sale. On our website for our county, we have to go to the property records at the property appraisers site. Your county may be a little. different.

Message 4 of 7
Amythyst
Contributor

Re: FHA underwriting conditions

I had to provide my actual deed of foreclosure.  I didn't have anything like this either... I had to contact the county where I had my foreclosure in and pay them to get an official copy of the deed of foreclosure.

Message 5 of 7
fattyslims
New Member

Re: FHA underwriting conditions

Well the only deed I can find is called a sherrifs deed (im in Michigan)  I hope thats whats I need.

Message 6 of 7
Amythyst
Contributor

Re: FHA underwriting conditions

I would call the county where the home was and confirm with them... my county would only give out offcial documents via snail mail.

 

EDIT:  Sorry my deed of foreclosure is called a "Trustee's Deed" ... so, perhaps what you found is it?  I would still call.

Message 7 of 7
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