Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
The truth is there is no consistency on this question. I've seen underwriters use several different dates to start the three year clock. Here are just a few scenarios that muddy the issue: The buyer signs a "deed in lieu" but the bank never records it. The 2nd forecloses, but the 1st waits for months – or even years before they foreclose. A person in bankruptcy gives-up the property, but the bank takes 6 months or more to actually take title. Then you have FHA that uses the date THEY disposed of the property which could be 6 months to a year AFTER they foreclose.
It isn't always as clear-cut as you think it should be, and the truth is different investors have different interpretations of how this all works. I've even then I heard of files being rejected by the investors because they decided to take a different view of things. (How do you think that impacts the next file to be underwritten – or the file that is pre-approved but not in contract yet?) The best advice I can give is to speak with you lender and make sure they run the file all the way to underwriting.
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $499,000
For Sale: $129,000
For Sale: $139,000