Ok...long story short....
Bank of America took ownership in April of 2008.
Bank of America did not process paperwork till March of 2013.
In May of 2015 (unaware of the delay on Bank of America's part...I was pre-approved for a home and went through the whole process (paid over $500 in home inspections)- to find out about the CAIVRs alert.
Emailed CAIVRs in June of 2015 requesting appeal and was told to mail in paperwork. I did that and began calling every single week for a status update. At the same time, my lender kept checking CAIVRs to see if I was cleared by chance. I never heard from the FHA but in November, it looked, to my lender like I was clear.
I went under contract for a home in February of 2016 (this past month) and am supposed to close by March 18. Low and behold, after getting appraisal and all inspections (over $1000)- CAIVRs is still there. My eligibility date is April 5, 2016. I have emailed firstname.lastname@example.org and my congressman's director of constituant services said my congressman sent in an inquiry.
Is there anything else I can do to follow up and speed up this process? I really want to buy this house.
Is there a difference between "eligible" status on the CAIVRS report and being "cleared" or "suppressed"? I am scheduled to close on a new home 4/10/16 but just found out I am on the CAIVRS report. The deed on my previous home was transferred on 2/15/13 and I have been told all along that I would need to wait until three years after that date to apply for another FHA loan.... When I called the FHA 800 number yesterday, I was told my date of eligibility is 4/7/16 (when HUD paid the claim to the lender?). When asked if I am okay to close after 4/7/16, I was told that it is up to the lender to do something if I am only "eligible" at that point but it wasn't made clear what that is. (As a side note: I'd like to say that both of the individuals I spoke with at the FHA 800 number were incredibilly kind and patient!)
Advice and/or clarification is greatly appreciated!
FixingCredit0904, can you tell me how this worked out for you? I'm curious what your lender might have said about your "eligibility" date. I am now scheduled to close the day after my eligibility date and I'm a nervous wreck about what that really means. Thanks!
Maybe someone has input. I just found out I have a CAIVRS yesterday while pre-qualifying for a VA loan. I called the 800 number for FHA this morning and was told there was no date (claim filed by lender) so she escalated the case and then I received the following explanation: As indicated in FHA Connection systems; lender has not requested nor received any claim nor did lender release borrower from mortgage obligation. Recommend that borrower consults "prior" lender and/or provide evidence to new lender as to when property ownership was released/transferred.
Correct me if i'm wrong but if a lender never files a claim then there will never be a date for the 3 year grace period to begin correct? The house was discharged in a chapter 7 bankruptcy in 1/2013 so that released me from the mortgage obligation. Is there any reason I shouldn't ask to have this CAIVRS removed?
Cadj62, Thats the issue I had in that the bank never filed a claim 3.5 years after they took title to the property by sheriffs sale and deed transfer, and that happened more than a year after our Chapter 7.
From what I have seen, HUD HQ in DC won't grant a waiver/supression until 3 years after the bank has taken the property back through auction/deed transfer. That will be the date you can use to start your 3 years seasoning period.
I found this information. It might be helpful for those of you still trying to get CAIVRS suppressions. Im still waiting to here back on my inquiry.
BK in discharged in 2010
CAIVRS 3 year period end July 2017
Bank filed claim 1 year ago but still has not forclosed in property.
The letter basically outlines the time period that banks have to file a claim.
January 16, 2009
MORTGAGEE LETTER 2009-05
TO: ALL APPROVED MORTGAGEES
ATTENTION: SINGLE FAMILY SERVICING MANAGERS
SUBJECT: Project Lifeline Initiative’s Impact on FHA’s Foreclosure Time Frames
High foreclosure rates continue to have devastating effects on families and neighborhoods. The Federal Housing Administration (FHA) remains committed to taking actions to help families avoid foreclosure. Throughout the industry, mortgagees are participating in various initiatives to assist defaulting mortgagors avoid foreclosure and save their homes.
Included in the various foreclosure avoidance initiatives is the Project Lifeline Initiative. In February 2008, mortgage servicing members of the HOPE NOW Alliance announced an outreach strategy called Project Lifeline targeted at seriously delinquent homeowners (90 days or more past due) and who have not had any meaningful contact with their servicing mortgagee. The mortgagees had not been able to confirm the reason for the default, establish if the problem causing the default was temporary or long term or confirm if the mortgagor planned to retain ownership of the property. Under Project Lifeline, mortgagees will send letters monthly to these borrowers offering to pause, either initiation or continuation of foreclosure for 30 days.
The additional time required to take such actions could possibly impact on a mortgagee’s ability to meet FHA foreclosure time frames. For most mortgagees this delay impacts either the time frame for initiation of foreclosure (24 CFR 203.355), or the time frame for “reasonable diligence” (24 CFR 203.356).
In the event the borrower does not qualify for loss mitigation and the loan terminates in foreclosure, HUD will allow a thirty day extension of the relevant time frame (initiation of foreclosure or reasonable diligence) for participation in the Project Lifeline Initiative, subject to the following conditions:
1. The mortgagee has established a comprehensive, targeted program of direct mail to seriously delinquent borrowers, which program has defined start and stop dates.
2. The mortgagee sent a special mailing (i.e., one not required under any other provision of servicing or foreclosure procedure) within the parameters of its program to a borrower:
Whose loan is at least 90 days past due;
Who currently occupies the mortgaged premises and has not expressed a desire to give up the property;
With whom there has been no significant prior contact and;
Who is not scheduled for foreclosure sale within the next 30 days.
3. The borrower responded to the mailing and provided sufficient financial information for the servicer to explore an appropriate solution to the delinquency.
4. The mortgagee completed a loss mitigation evaluation and reported the outcome to the borrower but was unable to offer loss mitigation, delinquent refinance or other workout option.
5. The servicing file clearly documents that initiation or continuation of foreclosure was paused for up to 30 days to accommodate the evaluation.
Mortgagees who are not members of the HOPE NOW Alliance but choose to implement a comprehensive outreach campaign with characteristics similar to those described above will also be allowed the thirty day extension in accord with the required efforts made on behalf of their borrowers. They must maintain written documentation describing the parameters of their direct mail outreach and letters must be sent to all borrowers who meet the target criteria. Foreclosure delays resulting from outreach to individual borrowers who are not part of a targeted, direct mail campaign do not qualify for the thirty-day extension.
Mortgagees who are claiming the extension of time to initiate foreclosure must include the date that the thirty-day extension will expire in item 19 and must note “Project Lifeline” in the Mortgagee Comments section of Form HUD-27011, Single Family Application for Insurance Benefits. Mortgagees claiming the reasonable diligence extension must ensure their claim review files include documentation to fully support the Project Lifeline delay and must also note “Project Lifeline” in the Mortgagee Comments section of Form HUD-27011, Single Family Application for Insurance Benefits.
These Project Lifeline extension approvals are consistent with the emergency nature of the Project Lifeline Initiative and will be effective for loans that were 90 or more days delinquent on February 12, 2008, and will be extended to eligible claims received by FHA on or before December 31, 2009, or such earlier time as may be announced by the Department through a subsequent Mortgagee Letter.