[gdroot1961]

foreclosure? I file bankruptcy 2 years ago. I reaffirmed my house then decided I could not afford it. I had two mortgages and we moved out and told bank to foreclose. They sold house and I was told that they could not collect anything owed because of the state laws where I live and that I had filed bankruptcy. Now my credit report shows the bankruptcy but not the foreclosure. So I am wandering if somehow the foreclosure will show up somewhere once I try to get another home loan?

[noel]

Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan. There is more flexibility in calculating household income and payment ratios. The cost of the mortgage insurance is passed along to the homeowner and typically is included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78 percent of the value of the property -whichever is longer.