Tag: Short Sale

“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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Paid Collection on a Mobile Home Listed as Mortgage

Question: Our client owned a mobile home that went into collection.  They paid the collection, but now the credit report states it was a mortgage and settled for less than the full balance.  Is this wrong or would this be considered a short sale? Answer: Unfortunately, this is not specifically addressed in the regulations. I’ve […]

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Freddie Mac – Loan Product Advisor Release Notes – Dated March 31, 2019

Written By: Lloyd Rutherford, Staff Writer A loan originator’s greatest talent may be understanding how to use the AUS systems.  The agencies provide ample information and resources to help you get it right the first time. This article highlights the release notes for March and April. Rule Synopsis: Freddie issues March update to Loan Product Advisor […]

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