Tip Tuesday Y’all! When filing bankruptcy, going through foreclosure or short s…
Tip Tuesday Y’all! When filing bankruptcy, going through foreclosure or short sale, turning over deed in leiu of foreclosure, going through loan modification, or have lates on your current mortgage, there are certain steps to take. It is ALWAYS best to let your loan officer know in the very beginning if any of these things have occurred. MOST of the time, this will show up on your credit report, but there are occassions that they do not. If your loan officer doesn’t know about it, they can’t help prepare for it and base your loan program off of that information. Our underwriters don’t miss things like these, so trying to keep it a secret until it is brought up is a BAD idea. Depending on what it is that you are going through, depends on what kind of loan program you can go with… For example, if you filed Chapter 7 Bankruptcy and it’s only been 3 years from the *discharge* date, you my be eligibile for an FHA loan, but you won’t be eligible for a conventional loan, as the wait period for a conventional loan is 4 years. #tiptuesday #cmcsm #callkarissanow #loanedbykarissa #mortgage #realestate #house #home #bankruptcy #foreclosure #shortsale #deedinlieu #late #today #purchase
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