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Foreclosure After a Chapter 7 Bankruptcy

Reblogger
Real Estate Agent with Signature Realty Inc.

I think this deserves a re-blog here this morning! Check out the updated guidelines from Fannie Mae. This topic touches many individuals out there who have faced bankruptcy! Please make sure and stop by the original blog posted by Jason! Thank you again Jason for sharing this info with everyone!

Original content by Jason Hands NMLS ID # 214834

If you are a previous homeowner who completed a Bankruptcy and included your mortgage debt in the Bankruptcy but the home did not sell via a foreclosure or short sale until 2 or 3 years later. I have great news for you with the latest Fannie Mae guideline update

Per the information below the new rules state that if your mortgage debt was included in the Bankruptcy then the waiting period is now 4 years from the Bankruptcy discharge date for Conventional Financing per Fannie Mae and Freddie Mac.

Fannie Mae made an unprecedented move to loosen up qualifying guidelines for borrowers that included mortgage debt in a bankruptcy by removing the waiting period for any foreclosure, short sale or deed in lieu of foreclosure that occurred after the mortgage debt was discharged through a bankruptcy.

The loan to value requirement will be removed; allowing borrowers to buy with as little as 5% down Conventional, however, the waiting period is now based off of the Bankruptcy discharge date and NOT the Short Sale or Foreclosure Date

This move creates consistency in Fannie Mae’s waiting period policy from to 4 years Conventional for or any default included in a bankruptcy, short sold, or transferred back to the lender through a deed in lieu of foreclosure or a foreclosue.

If this mortgage scenario fits your requirements and needs please feel free to contact me at any time to complete a mortgage loan prequalification. Stop waiting and get out there shopping for your new home

Please click on my personal website for more information http://www.mortgagestampa.org or contact me @ 813-517-0799 for more information or to assist you in getting started on your home purchase.

Jason R Hands
E Mortgage Management
13053 W Linebaugh Avenue, Suite 102
Tampa, FL 33626
813-517-0799 - Direct
813-385-1109 - Mobile
813-377-2905 - EFax
www.mortgagestampa.org  

NMLS Originator ID: 214834 FL # LO562

Posted by

                                        

Kimberly Johnson, REALTOR®                               

954.464.9328
JohnsonTeamFL@gmail.com
JohnsonTeamFL.com

Realty Associates of Florida
7401 Wiles Road, Suite 242
Coral Springs, FL 33067

                                               

Comments (6)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

Thanks, Kim... for reposting Jason's info from FNMA.  That is great news, especially, when working a short pay-off right now, with a borrower that had inlcuded the 1st and 2nd lien in the BK7!!

Jul 11, 2015 02:13 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kim

Very informative post on the guild lines for a foreclosure after a chapter 7 bankruptcy.

Good luck and success.

Lou Ludwig

Jul 11, 2015 09:14 AM
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Kim Johnson 

Indeed a very good repost. Thanks for sharing it. Have a great weekend. 

Jul 11, 2015 01:24 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Kim. Good choice for a re-blog. Yes, Fannie Mae and Freddie Mac are making improvements, but there are already loan products available, that you can purchase one day out of BK or foreclosure. The rates are higher, but mortgages are available.

Jul 11, 2015 09:02 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Kim, my mortgage lender had told me this but Keeping all these times of re-application for a mortgage are truly a lenders job...I refer them on to get the right info...great re-blog.

Jul 11, 2015 09:58 PM
Roy Kelley
Retired - Gaithersburg, MD

This is very interesting information that should be beneficial for many families.

Jul 12, 2015 10:37 AM