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Are they going to change the foreclosure waiting period?

by Borges_154_365 from San Leandro, California. Apr 9th 2013 Reply


Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

We all wish they would, but there is nothing being said about it www.HOMEMORTAGEXPERT.com

Apr 9th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,626 contributions

There has been talk about FHA either removing or lowering the mandatory waiting period for folks with a foreclosure or short sale, however right now it's just talk. The likelihood of it actually happening is highly unlikely, since it would trigger a bunch of strategic defaults... example.. I'm $100K underwater on my home, and the same home across the street is for sale.. so, I foreclose on my home, get FHA financing to purchase the home across the street for $100K less since there's no waiting period!!.. Ya.. this product will more than likely never develop.. 3 years from the date the home was taken out of your name.. (not when you vacated the property).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 9th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

They aren't any new guideline changes forecasted on the horizon, but this can change at any time. Currently it is a wait of minimum of 3 years.

Apr 9th 2013
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Abdi Mohammadian (mohammadian)
#863 ranked lender in California - 33 contributions

It is correct. Min of 3 years.

Apr 9th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Nothing new has surfaced as of yet.

Apr 9th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

Not likely. No rumors even floating around.

Apr 9th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

I have heard nothing about this.

Apr 9th 2013
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

I've never seen anything talked about to shorten the wait period, but I have seen plenty talk about making it longer.

Apr 9th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Agree with Joe......have heard of lender overlays to increase the waiting period but no talk of reducing it.

Apr 9th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

No change in sight.

Apr 9th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Generally 4 years

Apr 9th 2013
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