New Contributor
Klesko
Posts: 57
Registered: ‎06-23-2011
FHA and foreclosure

So I have been fighting with experian to get the home loan account which was foreclosed in July 2009 to get fixed. It was showing Foreclosure started OCT 2009 and this was causing me to be denied automated UW.

 

So they finally updated. Now its showing Foreclosed July 2009, Foreclosed Aug 2009. I know the Aug date is wrong but at this point I am not going to fight it.

 

Can my loan officer run me through automated UW now or will he have to wait until Sept?

Frequent Contributor
Hammer23
Posts: 424
Registered: ‎01-21-2012
Re: FHA and foreclosure

The report date may not matter.

 

From what I have learned it is 3 years from the date your name transferred off the title / deed to your old home. This (in my state) is evidenced by the Sherrif's deed.

 

My foreclosure was completed in Sept 2009 but the Sherrif's deed wasn't issued until 2/2010 so my three years doesn't start until then, That means I have to wait till 2/2013 to be FHA eligible.

 

From what I have been told the application date has to be just one day past the date on the deed transfer. So if your ownership transferred on 8.28.2009 then you can apply on 8.29.2012.

 

I went USDA because the lender I used only required 1 year post foreclosure.

 

 

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Regular Contributor
sewmuchdebt
Posts: 162
Registered: ‎05-14-2009
Re: FHA and foreclosure
i still had to do a third party call with BOA(foreclosure) and the lender to verify dates of foreclosure. BOA person had the year wrong and i had to correct her. i think each lender probably verifies differently but the time period is the same with that 3 yrs from date deed transferred out of your name.

Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


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New Contributor
Klesko
Posts: 57
Registered: ‎06-23-2011
Re: FHA and foreclosure

I have the trustees deed and they have already got this and I have passed their UW process. I just need to get though automated FHA UW for them to complete.

Regular Contributor
sewmuchdebt
Posts: 162
Registered: ‎05-14-2009
Re: FHA and foreclosure
then there must be something in your caivars (hope im spelling that right) or is it cavairs. anytime you default on federal loan it is in this database

Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


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New Contributor
Klesko
Posts: 57
Registered: ‎06-23-2011
Re: FHA and foreclosure

It wasnt a federal loan...

Established Member
Maingal
Posts: 20
Registered: ‎07-21-2012
Re: FHA and foreclosure

Can you let me know who you used for your lender my foreclosure when was in 09 but the finally changed the deed in 11/2012. I was part of the taylor bean and whittaker which as a cluster of you know what, due to that my court order shows no balance due BOA had to eat that.