Foreclosure in 32225>Question Details

Geetaogale, Home Buyer in Lutz, FL

Bank delayed foreclosure for 18 months after we gave them keys to house with a deed in lieu request. When can we get fha loan?

Asked by Geetaogale, Lutz, FL Mon Oct 22, 2012

The rule says 3 years after foreclosure. We told the bank in 2009 that we wanted to foreclose. They took their own sweet time to actually effect the foreclosure. Do we still have to wait for 3 years for an FHA loan even if we qualify?

Help the community by answering this question:


If you are over 12 months since the foreclosure you may be able to qualify for the FHA Back to Work program. You have to start by demonstrating at least a 20% drop in income as the result of a life changing event - like losing a job. if you can do that, feel free to contact me and I can walk you through a pre qual on the program.
0 votes Thank Flag Link Sun Jun 1, 2014
Most lenders require the foreclosure to be 5 years old. If it was a short sale, your timeframe is 2 years. There are special programs such as the Back To Work Program that may be useful to you. I recommend contacting a local mortgage lender to see if they can help you further since each situation can be unique.
0 votes Thank Flag Link Thu May 29, 2014
Find out if you still own the house you were in. Frequently banks will only take control of the house to protect their investment but leave you with the legal entanglements, liability risks and deficiency judgments. This type property is sometimes referred to as a Zombie House. I seriously recommend you contact an attorney.

Sam Bunting
0 votes Thank Flag Link Tue May 27, 2014
Yes, you have to wait three years for a Conventional loan before you purchased another home. The FHA loan requires two years before you may purchase another loan. You must re-establish good credit with scores at least 640 or higher to quality a loan.
Contact me to help you increase your credit score at (904) 739-9000 or email me at
Gloria J. Young
AllPro Realty Specialists, Inc.
(904) 739-9000
0 votes Thank Flag Link Tue Dec 18, 2012

Mortgage Broker responds:

The count down does not start until the actual Title passes to the bank or buyer.

All the time I'll have buyers with scores in the 700s coming to me after 3 yrs for a FHA and 4 yrs for Conventional loan only to find the Title just passed a few months ago.

If you have 25% to put down, here's the reasons to by now:


1. Recover lost equity by taking advantage of these low prices as they are going up

2. Re-establish credit now in effort to refi quickly while rates are predicted to stay low for a few years

3. Retain as much income possible thru home interest tax writeoff


0 votes Thank Flag Link Mon Oct 22, 2012
2-3 years from the date the foreclosure was completed (example, foreclosure completed on August 1, 2010 you should be able to qualify as of 8/1/12). Regardless on when you told them you wanted to foreclose it still takes time to go through the court system. A deed in lieu should not have taken more than a couple weeks to get the paperwork completed.

Have you spoken with a mortgage professional recently? Once they pull your credit they can guide you towards your purchase goal.
0 votes Thank Flag Link Mon Oct 22, 2012
Unforunately, yes. It really doesn't matter when you wanted the foreclosure to happen. All the banks were back logged for many years. It's unfortunate, but that's just the reality of the situation. The best thing you can do right now, is work on getting your credit score back up.
0 votes Thank Flag Link Mon Oct 22, 2012
Hi Geetaogale,

According to all the lenders I deal with, you have to wait three years after the foreclosure. That said, if there are circumstances, and a lender has time, you can work through to have it waived. Get in touch with your banker to see if they can help you.

Hope this was helpful.

Best regards,

Sharon Alters
Coldwell Banker Vanguard
0 votes Thank Flag Link Mon Oct 22, 2012
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