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.
Akron, OH | June 15, 2012 3:35pm. I've read that where I live if a property tax bill has $5.00 or above due on it and is delinquent for a year after it was due your home is subject to foreclosure. How long does it take for a foreclosure of this kind to take place? I heard 3 years.