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eric_veronica
287 Posts |
 Posted - 08/12/2008 : 2:22:27 PM
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| What are important questions to ask when trying to do a refi for a borrower who is either two years our from a chapter 7 or 1 year out from a chapter 13? |
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MortgageBoarder
6790 Posts |
Posted - 08/12/2008 : 2:24:11 PM
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Have all reported payments been paid on time since the discharge? And if they were in a chapter 7, what have they done to re-establish their credit?
Packaging this together with a factual LOE is always good and a must for some lenders. |
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eric_veronica
287 Posts |
Posted - 08/12/2008 : 2:35:32 PM
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| What is the difference if someone includes the mortgage in the bk or does not include it |
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GSE_
802 Posts |
Posted - 08/12/2008 : 2:36:43 PM
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| If your client included a mortgage you must wait 3-5 years depending on the circumstances. |
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RIDINGLA
47 Posts |
Posted - 08/12/2008 : 4:04:37 PM
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| It's a foreclosure if they included it. I just got an FHA DU approval 2 1/2 years out of foreclosure with assets and everything of course. Fannie Mae is now 5 years out for forclosure. |
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