HELP!! FHA seasoning problem

I bought some land 15 years ago and put it into a non statutory trust. Ten years ago a portion for my home was deeded out of the trust to my son and recorded. Shortly thereafter he changed his mind and deeded the land to me, but I never recorded the deed. So I have an unrecorded deed in my name notarized about 10 years old. And I have since (with cash) built a home on the land.

The rest of the property was deeded out of the trust to my wife in September, notarized but again not recorded (silly us).

So along comes a buyer for our property, and not realizing the snares, we complete the sales agreement 88 days after my wife received the deed.

Now the lender says they think we have a seasoning problem, and everything is on hold till we can figure a solution.



call an atty.

I’m not an atty, but it seems to me that just not filing the deed does not change the date the property was conveyed. The transfer was done when the deed was signed, not when recorded.

FHA has a seasoning requirement of 90days minimum, ie they will not ensure the loan if the title has been seasoned. Between 90-180 days, its underwriter’s discression. They could ask for a second appraisal or receipts to prove the cost of the improvements, or a simple letter of explanation. Your Buyer’s loan officer should be able to explain this and offer a solution.