What is sad is that I had client who, on advise from their attorney, included their home in their foreclosure. They also notified the lender that they were moving out of their home, that they were not going to make anymore mortgage payments, & included the keys in that letter.
The lender waited over a year sell the home thru the foreclosure process, in which, at the end of the sale, the lender still owned the property; they bought it at the auction. So, the 3 year (FHA Loan) waiting period started a year after they gave the house back to the bank. They are now waiting for their 4th year to pass since giving their home back to the bank, before they will qualify for an FHA loan.
Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
I would not hang your hat on an FHA Loan approval after foreclosure, not that it can not be done but we are finding it very difficult, you had better had not one mishap in that three years, the house you are buying better be in perfect shape one little mis-polarity outlet will get the bank an excuses to disqualify you in the eleventh hour. You see the very lenders that foreclosed on you underwrite FHA loans and they have it out for victims of foreclosure (when the bank think that the consumer was the cause of the mortgage meltdown, not them, which caused them to loss billions dollars and look bad, they make it difficult when it comes to allowing those consumers back into the market).
Buy a home after foreclosure, short sale, deed-in-lieu=of or bankruptcy expert
Helping families/people that have or will loss their homes get back into a home in as little as 6 months