Buying a home before 2 years... - Page 2

jwsmartin · 11-02-2009, 07:38 PM

Ok, here is what I found out. It wasn't about the foreclosure. He already knew that and the underwriter accepted the exception to the 3 year foreclosure rule. This issue is that the bank we had our first mortgage with sold the home for less than the amount owed, and that bank naturally had FHA reimburse them.

According to FHA rules, when that happens, it starts a three year clock from when they paid the money.

With that said, the underwriter believes in our loan, and she said that there is an exception to that as well. If the amount is within a certain limit, she will have the ultimate authority in the end. She is calling them tomorrow to see how much they reimbursed to the bank.

This is it. Lender and underwriter are both trying to jump this hurdle for us. I feel very blessed to have made it this far in the process, and to have a lender and underwriter trying so hard. You usually don't see that.

We do have a possible option of lease to own with the builder, and our lender even said he would personally call the builder to explain exactly what happened.

So we wait... and hopefully will have a solid answer in the morning...

imoverit · 11-03-2009, 02:50 PM

fingers and toes crossed for you!! PLEASE keep us posted!!! If you can get it done there is hope for some of us!

jwsmartin · 11-06-2009, 05:50 PM

Little more info...

CAIVRS is the issue. They show the claim made. After doing a search on this, it's tough to get a loan approved without this clear, but there are exceptions. Still playing the waiting game.

jwsmartin · 11-18-2009, 08:15 PM

Another update...

The underwriter has approved our loan. She had to send it to HUD so they will release the CAIVR number. She has done this twice in the past, and says we should be fine. Tomorrow may be the day we finally know! This has been excrutiating, but what did I expect.

If they release the number, then we can close next week! I'll keep you posted!

RBisDebtFree · 11-18-2009, 09:11 PM

jwsmartin, watching your story close! I really hope and wish everything works out for you! Blessings!

gophermn · 11-19-2009, 05:40 AM

Good luck man!! Hope all goes smooth!!

Mi Bankruptcy · 11-19-2009, 06:30 AM

Good Luck..

Thanks for keeping us in the look.

11-03-2009, 02:50 PM	#17
imoverit Registered User B/F Newbie Join Date: Oct 2008 Posts: 132	fingers and toes crossed for you!! PLEASE keep us posted!!! If you can get it done there is hope for some of us!
	Filed CH 7 05/06/09 341 06/12/09 Last day for objections 08/11/09 Discharged and CLOSED!! 08/28/09

11-18-2009, 09:11 PM	#20
RBisDebtFree Registered User B/F Newbie Join Date: Sep 2009 Posts: 197	jwsmartin, watching your story close! I really hope and wish everything works out for you! Blessings!
	Filed CH7 on Aug-06-2009 -- DONE! 341 meeting on Oct-01-2009 -- DONE! Discharged on Nov-12-2009 -- DONE! Trustee's Objection to Exemptions pending...

11-19-2009, 05:40 AM	#21
gophermn Registered User B/F Contributor Join Date: Dec 2007 Posts: 457	Good luck man!! Hope all goes smooth!!
	Filed: 01/23/08 341 Meeting: 02/29/08 Discharged: 04/30/08 Closed: 05/12/08

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11-02-2009, 07:38 PM	#16
jwsmartin Registered User B/F Newbie Join Date: Oct 2006 Posts: 50	Ok, here is what I found out. It wasn't about the foreclosure. He already knew that and the underwriter accepted the exception to the 3 year foreclosure rule. This issue is that the bank we had our first mortgage with sold the home for less than the amount owed, and that bank naturally had FHA reimburse them. According to FHA rules, when that happens, it starts a three year clock from when they paid the money. With that said, the underwriter believes in our loan, and she said that there is an exception to that as well. If the amount is within a certain limit, she will have the ultimate authority in the end. She is calling them tomorrow to see how much they reimbursed to the bank. This is it. Lender and underwriter are both trying to jump this hurdle for us. I feel very blessed to have made it this far in the process, and to have a lender and underwriter trying so hard. You usually don't see that. We do have a possible option of lease to own with the builder, and our lender even said he would personally call the builder to explain exactly what happened. So we wait... and hopefully will have a solid answer in the morning...

11-06-2009, 05:50 PM	#18
jwsmartin Registered User B/F Newbie Join Date: Oct 2006 Posts: 50	Little more info... CAIVRS is the issue. They show the claim made. After doing a search on this, it's tough to get a loan approved without this clear, but there are exceptions. Still playing the waiting game.

11-18-2009, 08:15 PM	#19
jwsmartin Registered User B/F Newbie Join Date: Oct 2006 Posts: 50	Another update... The underwriter has approved our loan. She had to send it to HUD so they will release the CAIVR number. She has done this twice in the past, and says we should be fine. Tomorrow may be the day we finally know! This has been excrutiating, but what did I expect. If they release the number, then we can close next week! I'll keep you posted!

11-19-2009, 06:30 AM	#22
Mi Bankruptcy Registered User B/F Mentor Join Date: Jul 2008 Posts: 728	Good Luck.. Thanks for keeping us in the look.