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Advising Short Sale and Ded-in-Lieu Clients

Your residential history for the last three years matters and here is why...

If you have had a short sale or a deed-in-lieu in their past…and you want to buy or sell another property following may apply to you. For details consult a mortgage officer or a Realtor.

Fannie announced new waiting periods, as of July 1, 2010, before being eligible for another loan.
The waiting period is defined as “from the date of the pre-foreclosure to the date of application”.

· Fannie defines ALL Pre - foreclosure events as any one of the following:

• Deed-in-Lieu
• Preforeclosure Sale
• Short Sale

· Full Foreclosure retains a 5 yr waiting period

New Waiting Periods Effective July 1, 2010

For extenuating circumstances, for all 3 event scenarios, it’s a 2-year waiting time and 90% LTV.

FHA is Different:

Many people have recently asked what is the FHA waiting period after bankruptcy, foreclosure or a short sale.

In answer, here are the FHA guidelines related to bankruptcy, foreclosure and short sales.

Chapter 7 Bankruptcy:
FHA requires that the minimum waiting time is typically no less than two years from the discharge date.
In addition, the borrower must have reestablished good credit or chosen to not incur new credit obligations.

Chapter 13 Bankruptcy:
FHA states that a Chapter 13 does not disqualify a borrower from obtaining FHA financing as long as the borrower
can show that at least one year of the pay-out period has elapsed under the plan and that all of the required payments
(and mortgage payments when applicable) have been made on time.

Also, the borrower must receive permission from the court to enter into the mortgage transaction.

Foreclosure:
FHA states that the minimum waiting period is three years for a borrower whose house has been foreclosed or who has given
a deed-in-lieu of foreclosure.

It has been asked, How does FHA determine the date of the foreclosure? Sheriff’s sale? redemption? paid claim date
(if past foreclosure was FHA)?

If the previous foreclosure was not a FHA-insured mortgage, the three year period will typically begin on the date of
the sheriff / trustee sale.

If the previous foreclosure was a FHA-insured mortgage, it will be reported on HUD’s Credit Alert Interactive Voice Response
System (CAIVRS). CAIVRS is a Federal government-wide repository of information on those individuals with delinquent or
defaulted Federal debt and on those for whom a payment of an insurance claim has occurred. In these cases, because the default is on federal debt
most investors will not allow another FHA, VA, or USDA loan.

Preforeclosure Sale (Short Sale):
FHA does not currently have a policy regarding the time required to reestablish credit and obtain a new FHA loan after a short sale.
However, the borrower must be able to qualify using standard FHA guidelines including the fact that they typically can not have any
late payments on their mortgage for the previous 12 months.

Although this is the official FHA policy, many lenders have heard that FHA currently will not insure a new loan application
from a borrower with a short sale that is less than three years old. Many of the individual banks and lenders have implemented
their own policies regarding the waiting period after a short sale. I have seen a typical range between two and four years.

We anticipate that FHA will issue a written policy regarding short sales with more liberal guidelines in the near future.

If in a case of relocation and there was a short sale for the previous residence and there are not any lates on the credit report, FHA
will allow a new loan without a waiting period. The key is relocation (although it has not been defined what the minimum distance might be. How
the previous lender reports the short sale/mortgage to the credit bureau may determine the approval.