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 FHA Rules for 2nd incl in BK after Foreclosure--HELP!!! View next topic
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kevink0000
Dud?


Joined: 03 Mar 2012
Posts: 2

FHA Rules for 2nd incl in BK after Foreclosure--HELP!!!
PostPosted: Sat Mar 03, 2012 12:26 pm Reply with quoteBack to top

I have been a lurker here for many years, but now I have a burning question. I am a former LO, and I would like to know what the FHA guidelines are in my personal situation. Here it is: Foreclosure in MAY 2009,Jumbo 1st and purchase money second. No cash out ever. BK filed in Feb 2010, and second was included because account did not show "closed" or "forclosure" but did stop reporting history in May 2009. BK discharged August 2010. So the question: When do I qualify for an FHA loan? 3years after May 2009? 3 Years after August 2010?(due to 2nd being in BK) Or 2 years after Aug 2010 (due to BK discharge). Please help, as my LO is getting conflicting info. I don't want to start the process if it wont come to completion. Thanks Kevin
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: FHA Rules for 2nd incl in BK after Foreclosure--HELP!!!
PostPosted: Sat Mar 03, 2012 5:58 pm Reply with quoteBack to top

The 2nd being in BK shouldn't change the foreclosure date of May 2009.

FHA is 3 years from Foreclosure and 2 years from CH 7 discharge.

August 2012 seems to be the correct date as that's 2 yrs from BK 7 ( assuming you're not late on items post BK and you should also try to get some new credit established)
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kevink0000
Dud?


Joined: 03 Mar 2012
Posts: 2

Re: FHA Rules for 2nd incl in BK after Foreclosure--HELP!!!
PostPosted: Sun Mar 04, 2012 11:37 pm Reply with quoteBack to top

Thanks for the reply. What I have heard is that if the 2nd was in the BK, the "new" foreclosure date is the discharge date of the BK. That doesn't make sense to me, but some FHA rules are a bit backward. I have heard this from 2 different sources. If anyone out there knows for sure about this, please respond.

Thanks,
Kevin
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