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CHUGG
301 Posts |
 Posted - 08/27/2008 : 11:54:33 PM
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| she has a 632 mid full doc but the BK is 20 months old. She has no lates and good credit besides the BK. Her rate is adjusting and she is going to fall behind because its going up to 13%. Can anyone help? |
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TheMoneyStoreguy
307 Posts |
Posted - 08/28/2008 : 05:47:43 AM
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Need more info.. We do grant exceptions to the 2 year bk rule. Must have extenuating circumstances.
call or email to discuss |
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Bob H
300 Posts |
Posted - 08/28/2008 : 08:27:34 AM
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I was got an exception on this recently. The bk was the result of a horrible divorce. Divorce alone cannot be the sole reason for the exception. However, I this case the husband was charged with child abuse and removed from the residence during the divorce. I porvided court records for the criminal case and the exception was approved.
Long story short, it has to be VERY compelling and well documented that the BK was from severe extenuating circumstances that are not likely to recur. |
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liverichly
3927 Posts |
Posted - 08/28/2008 : 08:30:37 AM
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| Yup, I'll "third" that... the ONLY way this will work is if there are documented extenuating circumstances. |
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meridian1
375 Posts |
Posted - 08/28/2008 : 09:16:06 AM
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| try prefer capital. They can do 12 months after bkrtcy discharge. Check if lend in your state. Whats the LTV? |
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jhaaland
92 Posts |
Posted - 08/28/2008 : 09:16:52 AM
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| it better be a really really good letter |
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Bob H
300 Posts |
Posted - 08/28/2008 : 09:48:54 AM
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| Letter won't be enough without supporting documentation. |
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CHUGG
301 Posts |
Posted - 08/28/2008 : 11:11:10 AM
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| the ltv is 80-85% if they wont do 5k cash its 80./ |
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liverichly
3927 Posts |
Posted - 08/28/2008 : 11:37:28 AM
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| All FHA lenders can do 12 months after BK discharge as long as there is extenuating circumstances... don't let "marketing" fool you. |
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