FHA Home Loan and Bankruptcy??

[BKer]

Thanks Nick for "sticky" on FHA lending guidelines. That was helpful.

A Quicken Home Lending rep told me last night that even though I don't officially have a foreclosure listed on my 20-month old discharged Ch 7 BK that I have to wait 3-years to qualify for a FHA loan. He said that technically I have a foreclosure.

Do you know (or does anyone know) if I am going to have to wait 3-years now post BK now to get a mortgage because of including a mortgage in my Ch 7 BK?

One more thing the lender said: He said the "seasoning" of the foreclosure does not begin with discharge, but rather when the house ownership transferred. In my case, I was discharged October 2005 and the "my" home went for sheriff sale in January 2006. Ownership was officially transferred in August 2006. He said the 36-month clock starts in August 2006. Is this true?

Thanks!

[poorme]

I'll be interested in his answer, but doesn't it seem that the protracted aging you described defeats the intent of the "fresh start"? Once you are relieved of the debt, you/we aren't responsible for how long it takes the bank owner to dispose of the property, especially if there are weird state laws that come into play.

[MTG_BANKER_OH]

I'll be interested in his answer, but doesn't it seem that the protracted aging you described defeats the intent of the "fresh start"? Once you are relieved of the debt, you/we aren't responsible for how long it takes the bank owner to dispose of the property, especially if there are weird state laws that come into play.

I believe FHA does go off of the sale of the property date as the start date. The My community program goes off of the BK discharge date.