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The mortgage insurance claim is paid out after the foreclosing lenders submits the claim to the Department of Housing and Urban Development (HUD). When the foreclosed mortgage was a Government insured FHA loan, the waiting period begins from the date that the mortgage insurance claim is paid to out to the lender who held the FHA loan that defaulted. If you experienced a foreclosure, short sale or deed in lieu of foreclosure on a FHA mortgage, your waiting period before being eligible for another FHA mortgage is determined by CAIVRS, and not the foreclosure or resale date.įHA normally requires a 3 year waiting period from a foreclosure. Thank you! Jennifer in TennesseeĬAIVRS is a Government database that tracks credit delinquencies and default on Government debt. I’m really hoping that the 3-year period starts after the Sheriff’s Deed is recorded. We are in the middle of a contract and don’t want to lose this home. However, the home wasn’t re-sold for another 2 years (August 2016). I ask because our bankruptcy was in 2011, foreclosure ended and sheriff’s deed was recorded 4/16/14. Is it when the Sheriff’s Deed is recorded after the Sheriff’s sale, or is it when the bank re-sells the home. That is the subject of a great question I received this week from Jennifer in Tennessee.Ĭould you please tell me when the 3-year CAIVRS countdown starts?
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The CAIVRS waiting period is important if you had a FHA mortgage on a home that was lost to foreclosure, deed in lieu of foreclosure or short sale.