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do your mortgage loans require Fannie Mae or Freddie Mac backing? (assuming that's the proper verbage).
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90% of mortgage loans are eventually sold to Fannie or Freddie. I have access to them as well as portfolio lenders. -
so long story short. I have a foreclosure on my record from an investment property I use to own, that is less than 3 years old. My wife usually works with a lender with her line of work but they're telling us we can't get approved for a home loan because of the foreclosure and their requirement to be able to get FMFM funding...or something like that.
I also wanted to add, that we were aware of the foreclosure and are prepared to come up with 20% down...the lender requirement just came to surface so I need to see what options we have...obviously some hard money loan is big negative!
Also, the lender was with Chase and apparently there was a class actions suit against them for their foreclosure practices and 'I think' part of the settlement had something to do with them removing the negative credit...we're still looking into that.Last edited by GeorgeG.; 05-21-2013, 03:59 PM.Comment
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Normally the rule is a 7 year wait without extenuating circumstances (death, divorce, etc.). It can be done in as little as 3 with good reasoning and as long as you're putting 10% down - but even those are not a given. The time period is from the time the deed is transferred and the old loan is closed out - not from the day you went late or the house was "foreclosed on".
No portfolio lender will touch that unless you know someone high up at the bank and even that is iffy.
The coding on the credit report is important, but if it shows foreclosure, the above applies.Comment
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