We have a deed in lieu and need help with FHA

Asked by Robert, 80909 Tue Jan 8, 2013

Hello, we back in 2010 filed CH-7 BK and it was discharged in 2010. We did not re-affirm the house because of the current state of the economy in 2011 we started talks with our lender about HAFA (Homeowners Affordability Forclosure Alternitive) a Gov Approved option to get out of a mortgage. We did or started this the lender kept loosing paperwork and stalling the process took over a year to complete there are two paths short sale or deed in lieu. You first go with Short Sales we had no buyers, then we were qualified to do Deed in Lieu and this ended Feb 2012 with the house going back to the bank.I am trying to find out if there is ANYWAY to get a FHA loan at less 3 years from Short Sale. We would like to get a house under CHFA.
Arguments I have are that the lender stalled the paperwork, lost the paper work and other things. Second it is my understanding that if you file a BK and the house is including in the BK then the date of your resposability is the discharge date of the BK which

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Kevin Olson, Jessica Laude’s answer
Kevin Olson,…, Agent, Colorado Springs, CO
Tue Jan 15, 2013
There has been a lot of confusion with BK, whether the bank can come after you if you default when a BK is involved, etc.

We just went through the same situation with a client here in Colorado Springs. The date of the BK made no difference (it was more than a year prior), it was the date of the short sale closing that started the 3 year clock. Our client was reassured by an attorney that the BK would cover all of this. That is why there are bankruptcy attorneys, divorce attorneys, real estate attorneys, etc. You wouldn't go to a divorce attorney to handle your bankruptcy.

If a lender doesn't catch it up front, an underwriter will. It doesn't matter who did or did not do their job... those things are not considered in underwriting.
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Carl Henker, , 95928
Tue Jan 8, 2013
Unfortunately the date of transfer back to the bank will be the start of the 3 year FHA time frame. Although your BK date is prior to that, the date on the transfer deed is what will be used for the deed in lieu time frame. The FHA guidelines allow a two year time frame for extenuating circumstances, but of yet I have not heard of anything shorter than the 3 years.
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