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Old 03-25-2013, 04:27 PM
 
7 posts, read 32,663 times
Reputation: 10

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Anyone have any experience or advice on this?

Prior:Home was foreclosed on in 2009 due to a divorce. We tried loan modifications, short sales, ect with the lender but they wouldn't approve any of it. We even had a cash offer in hand but could never get them to return calls or emails.
Home was sold in June of 2010, and we have the letter stating that.

Current: Applying for a loan since it had been three years since foreclosure. Was told that HUD has on it's CAIVERS alert a claim date of 8/27/2011. Called HUD to give correct date of sale. Was told that the CAIVERS date was the date that the lender notified HUD to pay the claim on and that is the one they go by in determining when you are eligible for another loan. This puts me not eligiable until 8/28/2014.

Why would it take a lender two years from foreclosure and over a year from sale date to report to HUD. Is there any legal action that can be taken against the lender? As I said, they were uncooperative from the start. Is there anything that can be done at this point? It is costing me a loan on a great home. Thanks for any help..
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Old 03-25-2013, 04:43 PM
 
7 posts, read 32,663 times
Reputation: 10
Default Lender submitted claim to HUD two years after foreclosure

Anyone have any experience or advice on this?

Prior:Home was foreclosed on in 2009 due to a divorce. We tried loan modifications, short sales, ect with the lender but they wouldn't approve any of it. We even had a cash offer in hand but could never get them to return calls or emails.
Home was sold in June of 2010, and we have the letter stating that.

Current: Applying for a loan since it had been three years since foreclosure. Was told that HUD has on it's CAIVERS alert a claim date of 8/27/2011. Called HUD to give correct date of sale. Was told that the CAIVERS date was the date that the lender notified HUD to pay the claim on and that is the one they go by in determining when you are eligible for another loan. This puts me not eligiable until 8/28/2014.

Why would it take a lender two years from foreclosure and over a year from sale date to report to HUD. Is there any legal action that can be taken against the lender? As I said, they were uncooperative from the start. Is there anything that can be done at this point? It is costing me a loan on a great home. Thanks for any help..
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Old 03-25-2013, 07:50 PM
 
Location: Scottsdale, AZ
2,151 posts, read 5,153,545 times
Reputation: 3303
Unfortunately there is little you can do. Your loan was an FHA insured loan, which is why it went to HUD. The original investor put in the claim to FHA for the mortgage insurance to recoup their loss. Why it took so long is any body's guess.

The problem is even if you hired a lawyer to fight your claim it would probably cost you more than it is worth and take you until 2014 to resolve. Even if you won you would lose.
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Old 03-25-2013, 08:04 PM
 
7 posts, read 32,663 times
Reputation: 10
That's what I was afraid of.. Buyer beware of Fifth Third Bank.. they ********* coming and going
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Old 03-25-2013, 09:57 PM
 
Location: MID ATLANTIC
8,663 posts, read 22,839,384 times
Reputation: 10485
Sorry this happened to you, but this was a very common occurrence in the mortgage melt-down. The FHA claim process was seriously behind, only because the lender must submit their losses after the FC has been thru the snake's belly.

There's no way around this one.
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Old 03-26-2013, 07:47 AM
 
7 posts, read 32,663 times
Reputation: 10
Thank you!
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Old 03-26-2013, 08:42 AM
 
5,340 posts, read 14,098,517 times
Reputation: 4699
Save up a 5% down payment and get a conventional loan.
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Old 03-26-2013, 08:52 AM
 
7 posts, read 32,663 times
Reputation: 10
yeah, that's what I'll have to do.. now to try to get my $1000 earnest money back from HUD that we put down on this new loan.. UGH..
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Old 03-26-2013, 11:25 AM
 
3,826 posts, read 5,780,645 times
Reputation: 2397
Sound like lender HAD to work with you and nevermind you singed by the mortgage you've got back than... All you can do is to contact real estate attorney and learn what are your legal rights regarding your issue.
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Old 03-26-2013, 11:34 AM
 
Location: Salem, OR
15,528 posts, read 40,281,166 times
Reputation: 17410
The policy has always been that the time frame starts ticking when the policy is paid not when you went into foreclosure. What would you sue them for? Having a lending policy that upsets you? Not being aware of the policy?

If you really want to buy now, I would try a local lender that holds their own loans. They can make their decisions internally since they don't sell their loans.
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