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What is the real date FHA uses for the marker of the 3 yr. waiting period after a foreclosure?

Bought a home after Katrina then my job was lost due to the total failures in New Orleans. Tried to sell; had a short sell  and the lender drug their heels causing the buyer to abandon. Worked with the lender to complete a foreclosure, relocated with a new job and am ready to buy a home again -
I have been given three dates that "may" constitute the 3 yr. waiting period. 
1. The date the foreclosure appeared on my credit report 
2. The date the mortgage company filed for the sheriff sale; 
3. The actual date of the sheriff sale - which was an appauling 120 days later! 

Which date is it and would my situation qualify for extenuating circumstances?
  • March 08 2012 - New Orleans
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Answers (4)

It is 36 months from the actual transfer of title back to the Trustee.
  • March 09 2012
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Thank you for the answers - It was a conventional loan, so I don't think the CAIVRS system is applicable.  I  have read the HUD section mentioned and still do not find any concrete language regarding the passage date of foreclosure on a conventional loan.  There is a four month time period between the petition to auction at sheriff sale and the actual sheriff sale. Is it a "best call" by the FHA underwriter?
  • March 08 2012
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You may be able to buy sooner because it looks like you can show extenuating circumstances which led to the foreclosure.  Here's what HUD says:

"D. Previous Mortgage Foreclosure. A borrower whose previous
principal residence or other real property was foreclosed or has
given a deed-in-lieu of foreclosure within the previous three years
is generally not eligible for a new FHA-insured mortgage. However,
if the foreclosure was the result of documented extenuating
circumstances that were beyond the control of the borrower and the
borrower has re-established good credit since the foreclosure, the
lender may grant an exception to the three-year requirement.
Extenuating circumstances include serious illness or death of a wage
earner, but do not include the inability to sell the house because of
a job transfer or relocation to another area."

Found in HUD's Handbook 4155.1 Chapter 2.  This is paragraph D between Chapters 2 and 3.
  • March 08 2012
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What type of mortgage was it?.

If it was an FHA loan, the date is actually the day FHA paid the claim to the lender whom you made the payments to prior to defaulting.  Generally 2 to 3 months after the sherriff's sale date is when your CAIVRS will be cleared.


  • March 08 2012
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