Due to the massive backlog in foreclosure proceedings, there are many properties out there that have been abandoned for years and many rolled into a bankruptcy, others the buyer walked away from but the bank is just now getting around to foreclosing on the property and taking legal ownership of the property. MANY lenders consider the starting date of the foreclosure window the date the bank takes ownership of the property/sheriff's sale. There have been many documented cases of borrowers not being able to purchase years later due to their thre year exclusionary window just now starting.
Anyone in the know will immediately respond to this post thinking the FHA rules trump everything but the reality is that FHA provides guidelines, it's the lender who actually is held liable for defaults and lenders will make the determination of where those time frames start. If you're in a situation where you're looking to give up your home or assumed you can buy three years after your bankruptcy and rolled your mortgage into the Chapter 7, you may be in for a rude awakening.
VA technically allows a borrower to purchase a home soon after a chapter 7 but most lenders will add the same overlay they use on FHA which is three years.
I hope this helps someone be better prepared for what may wait in their future.
Best of luck.
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