Just an update, the caivrs was removed due to lender delay and I was able to purchase my home. Yippeee!!! I am so greatful that the hud specialist looked into my case because the lender was not helpful at all.
Glad to hear, its a huge weight lifted when you get the news they have removed the CAIVRS. We have been in our home for 3 months now and loving our new home.
I want to thank you for this thread... but I have sent 2 emails with supporting documents to the provided email address. I have yet to hear back. How long do I need to wait before I have to escalate the issue to a higher command?
I was foreclosed on in Oct 2011 the paperwork was filled on Nov 2011 and then not reported to HUD till April 2012. I am trying for a VA loan that has a 2yr "wait" period and CAIVRS is holding us back due to the April date. I feel that a delay on the lender/bank side should not be a penalty against home buyers that have "waited" the 3yr period.
There is a bit of difference between the 2 year eligibility date for a VA loan after a foreclosure, and the 3 year waiting period of a default of a federally backed loan. You are correct when you say that you are “eligible” for a VA home loan, as early as two years past after a previous foreclosure. This 2 year period applies to the default date that the county has on file for your tax records. If your first home was not a federally backed loan, and you foreclosed you would be able to get a VA “Federally Backed” loan only after two years. Provided that you meet all the other lender requirements, also remember that the VA rules are only guidelines and the lending institution has the final say.
The CAIVRS is a record of defaulted government debt; this includes tax liens and student loans. In order to receive ANY type of government funding this record has to be clear. And HUD or FHA defaults take 3 years to clear this record. Since your fist loan was HUD this three year data would apply. So even though the VA says you are eligible to get a loan after 2 years, you will still have to meet the requirements of everything else.
So from the time that the lender actually took possession to the time that they filed the claim was about 3.5 months? If this is the case, that may be seen as normal filing conditions. Remember that we are talking about the government here. You argument would still be a 3 year argument not a 2 year waiting period. Maybe that is what is confusing them. I would try and get it suppressed back to Dec 1, 2014 not 2013. They have no Idea about the 2 year waiting period from the VA.
I would say at the earliest you would be able to get a federally backed loan would be on December 1 2014, and the latest should be May 1 2015. The former date would be if you were able to nicely convince someone to suppress your date. And the latter would be if they decided to do nothing with your requests. Just remember that 2 year date from the VA does not override any other requirements from any other institutions.
I had a VA loan also, and had to deal with that 2 year thing.
Ok... Two things have happened since I read your post. I sent another email. Saying this.
I think I may be explaining what I am looking for wrong and I apologize.
I would like to ask for an exception … basically can you move my suppression date to Dec 1 2014? I am not trying to get it erased. I want to be able to purchase the house I am looking at in December.
By moving the date back 4.5 months I still am past the 3yr mark of both when the property was FC’ed upon(Oct 2011) and when the house was sold(Nov 2011).
I was currently in contract with a buyer when the house was foreclosed upon as the lender did not communicate with their lawyer to not FC it. The lender said apologized when that happened. Now there is no speaking to them.
I am not looking to obtain another FHA loan as I am a veteran and I will be obtaining a VA loan. I understand that I do not meet the guidelines right now for FHA due to the CAIVRS system. The guidelines for VA loan is 2 years from foreclosure not 3. Yes the CAIVRS system needs to be clear if you are applying for any loan but I have a hard time accepting one federally backed program does not recognize another federally backed program and essentially making their program moot if someone is on the CAIVRS.
Please let me know my options good or bad. Thank you."
AT the same time i was writing that I didn't see my inbox which had this.
"Your CAIVRS has been removed"
I cannot thank you enough. This house that we are getting helps us tremendously. My parents are ailing and we needed to get something that they could move from Fla back with us and we can take care of both of them. This did it.
To everyone out there stuck. DON'T GIVE UP. Even when you are at your darkest times. Good will happen. It gets better. I am so floored right now as good things never happen for us.
Thank you to this forum.
Thats great that it was removed. I tried the route of two years for a VA loan after a foreclosure, and even thought th VA allows it, you still have to wait to be eligitable.
They explained it to me like this. If the bank said that you need a 600 credit score, and VA lending says as low as a 580, you still would not get the loan. As the bank sets the rules, VA is only a guideline. So when the Federal governement says that you have to wait 3 years after defaulting on a federally backed loan to get another one, then you have to wait three years. Even thought VA says you are eligitbable, the CAIVERS prohibits this. As the VA loan is federally backed money. This clause would be applicable to people that did not default on government bebt the first time.
CAIVERS governs all federally backed money, not just FHA. Any loan FHA, HUD, VA, student loans and small business loans. Any default on any of these could cause you to be denied. Just remember that the VA does not set the rules they are guidelines, and the VA guidelines do not overrule the lending institution. Either way it looks like they supressed you back, which is the best, IMO that you could have asked for. Good luck on closing, and I am glad that this thread helped you out.
I'm so happy I found this forum! I have been doing the run around with the FHA help center for over a month now, and getting nowhere. They keep telling me to talk to my lender, and the lender keeps telling me they don't care, they wont lend until my CAVIRS claim is cleared. I foreclosed in January 2011, had the sherrifs sale in July of 2011, and FHA finally paid my claim on October 16th, 2011. I have an offer on a home that was accepted in July, after my first lender told me I was eligible 3 years after the sherrif sale. FHA is telling me that there is no one that controls CAVIRS, and I am just going to have to wait until the computer clears itself. I told them "What computer system has some unknown delay? If it was a computer, it would have been done already. Thats what computers do". I dont understand how a taxpayer funded program, that exists to serve potential homeowners, can be so inept and poorly run.
I just sent an email to this address, kindly explaining my situation, and I hope to have the same experience I've read about here. I hope to never have to talk to FHA again!
I'll keep you posted
Thank you for posting this great valuable information.
i sent a request along with documentation on Monday afternoon and today Thursday I got a response.
"Your CAIVRS have been removed"