- 7 years from transfer date on Commissioner’s or Transfer deed
- 4 years from Bankruptcy discharge date if the mortgage debt was discharged through the bankruptcy as reflected on the statement of intent within the Bankruptcy papers
- 3 years with restrictions if the borrower meets the FNMA definition for Extenuating Circumstances
- 3 years from transfer date on Commissioner’s or Transfer deed must have elapsed prior to case number assignment date
- An exception to the 3 year requirement may be granted if the foreclosure was caused by extenuating circumstances beyond the borrower’s control such as a serious illness or death of a wage earner and the borrower has re-established good credit since the foreclosure. If the exception is granted, the loan must meet all manual underwriting guidelines.
- Divorce is not an extenuating circumstance however an exception may be granted if the mortgage was current at the time of the borrower’s divorce and the ex-spouse received the property and the mortgage was later foreclosed.
- Inability to sell the property due to job transfer or relocation is not considered an extenuating circumstance
- 4 years from transfer date of title
- 2 years if borrower meets the FNMA definition for Extenuating Circumstances
- 3 years from transfer of title. Case number assignment cannot be ordered until the wait period has elapsed
- Same Extenuating Circumstance criteria as Foreclosures
- Pre-Foreclosure (Short Sale) exception for Borrower Current at the Time of Short Sale
- All mortgage payments on the prior mortgage were made within the month due for the 12 month period preceding the Short Sale;and
- All installment debt payments for the same time period were also made within the month due
- Exceptions to the 3 year wait time must follow manual guidelines
Senior Loan Officer