For those looking for a short-term injection of cash, for those 55 and over looking for extra income and who are planning on living in their homes for many years and are less concerned about leaving a legacy, it could be an avenue worth exploring. Other options include a line of credit or downsizing.
2017 FHA Guidelines. 1  Bankruptcy â You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy. 2  Foreclosure â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. Short Sale / Deed in Lieu â You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date. FHA treats short sale, deed in lieu and foreclosure as the same waiting periods.
If you are in a state where foreclosures go through court (check our Summary of State Foreclosure Laws), you typically will receive ten to 30 daysâ notice of the lenderâs intent to file a foreclosure action.Once itâs filed, you will have 20 to 30 days to respond.o youâll likely have a minimum of two months from the first notice of intent to file the case to the date the court orders the sale to take place. Youâll have at least double that amount of time if you decide to oppose the foreclosure in court.