Have Foreclosure or Short Sale After a Chapter 7 Bankruptcy

Mortgage and Lending with E Mortgage Management 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

NMLS Originator ID: 214834 FL # LO562

Comments (2)

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

You do a great job with titling your posts for SEO and clicks!

Apr 08, 2017 08:28 AM
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

This is welcome news for homeowners who have had a foreclosure or short sale in the past!

Apr 08, 2017 11:22 AM