The HUD system is called the CAIVRS system (Credit Alert Verification Reporting System – yes i understand, there is absolutely no “I” word as with the acronym but CAIVRS endured for a different sort of but name that is similar onetime before HUD changed it and so they never ever changed the acronym). Loan providers must look all borrowers up to ascertain that they’re perhaps not disallowed an FHA loan before they are able to continue if this has maybe not been 36 months or even more considering that the date HUD finalized the claim on the house, you will not yet meet the requirements. Us or any FHA lender and we can check the status to see if you are cleared to purchase and if not, we can request the timeframe as to when you will be when you are ready to get serious about looking for a home, check with.
No you shall never be obligated to go. Then, you will still be able to stay in your home if you have a line of credit with funds available, that line will be frozen until the servicer receives notification that it is OK to again advance funds from the court but even.