Tag: Foreclosure

Is a Waiting Period Waived for Derogatory Credit for High Credit Score Buyers?

Question: I have heard that Freddie Mac no longer has a waiting / time period from bankruptcy and foreclosure as long as the declarations are marked correctly, and you have an LP approval. However, I cannot find this anywhere in writing. I have someone with a 700+ credit score with reestablished credit but just under […]

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How Does Inherited Property Foreclosed Upon Affect the Person Inheriting the Property?

Question: My borrower inherited a property (along with his siblings) after his parents’ passing in 2016. The property was then transferred via a Deed in Lieu of Foreclosure in 2018 in which the borrower is listed on the deed in lieu as the grantor/executor of the estate. Since my borrower was only the grantor through […]

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“Account Paid for Less Than Full Balance” Foreclosure or Short-Sale?

Question: On a previous home, our client was heading toward foreclosure but was able to short sale the home.  The credit report states “Account paid for less than full balance; account paid after Foreclosure started”.  Is this considered a short sale or a foreclosure? Answer: This is treated as a short sale because the mortgage […]

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Home Awarded to Ex-Spouse Goes into Foreclosure After the Divorce

Question: My client’s ex-spouse was awarded the home in the divorce agreement.  After the divorce, late payments and ultimately a foreclosure occurred.  Will this affect my client’s ability to get an FHA loan? MC Chart- Divorced Borrowers – All Agencies Answer: Foreclosure and Deed-in-Lieu of Foreclosure (Manual) A borrower is generally not eligible for a […]

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