Post BK Home Purchase

[Anonymous]

Basically

[VALoanMaster]

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@Anonymous wrote:

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@VALoanMaster wrote:

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@Anonymous wrote:

What if you included an FHA mortgage in the BK7? Would that have any impact on this?

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If you included an FHA mortgage in the BK you'll have 2 issues.

1) You'll have to wait 3 years from the sale date to be eligible for a new FHA loan.

2) You're going to end up in the CAIVRS system which means you won't be eligible for pretty much any government backed loans (the exception being VA) for 3 years from when FHA pays the claim on the foreclosure.

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So the discharge date is meaningless, then? In my case, the BK7 discharge was in October 2015. The foreclosure and transfer didnt occur until March 2016. Does this mean I am eligible in October 2018 or March 2016?

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Yeah the discharge date is meaningless unless you're able to go VA or if you go Fannie Mae which requires 4 yrs from the discharge date. The other thing to remember here is the CAIVRS hit. If the lender took 6 months to file their claim you're looking at not being eligible for a new FHA loan until September/October of 2019!

[Anonymous]

Is there a maximum amount of time they can wait to file that claim? Is there a way for me to check on when it was filed?

[Anonymous]

As a follow up, I searched the property tranfers and see that about 3 weeks after the house transfered from me to the mortgage company, there was a second transfer from the mortgage company to "Dept of Housing & Urban Development". Would that indicate the claim was paid?

[ShanetheMortgageMan]

You might be able to call up HUD and ask, their number is 800-225-5342.  One of the steps in the pre-approval process for a government mortgage is to run your SS# through CAIVRS, which is a system only lenders have access to.  If there is a "hit" it'll list the FHA case # that the claim was filed against as well as an authorization number.  We call up the number to HUD, provide them the info, and then they look up the details for us.

It could be a hit or not.  I've had clients who had a foreclosed FHA mortgage and a hit was never entered, guess the lender didn't file an insurance claim to HUD.  Each case could be different, so I wouldn't assume it's one way or another just because title was transferred to HUD.