Tag: waiting period

FHA Mortgage Forbearance and Partial Claim Filing

Question:  I have a client who was in forbearance, is presently current, yet now has the past-due payments to contend with.  Their servicer is telling them they qualify for a partial claim and the servicer will file a partial claim with FHA to resolve the past due payments. They also stated that this will have […]

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Waiting Period for a Cash/Out After a Rate/Term

Question: My client did a cash-out refinance to pay off debt. Rates have gone down further, so now they are considering a rate/term refinance.  Is there a required waiting period? MC Refinance Chart – All Agencies Answer: There is no established waiting period, other than you or your lender may have to pay a premium […]

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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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Is a Foreclosure on a Lot Considered a Foreclosure for Qualifying Purposes?

Question: Our client bought a lot about 10 years ago.  They stopped paying taxes and the sheriff placed the lot for sale, but no one purchased it.  Is this considered a foreclosure against our client? MC Chart – Extenuating Circumstances Answer: Assuming that the land was transferred out of the borrower’s name and back to […]

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Waiting Period for a Cash-Out Refinance

Question: If a property was purchased in November of 2019, when can my client close in order to get cash-out?  MC Refinance Chart – All Agency Guidance Answer: Six months from the date of recording of the purchase transaction. Reference: Fannie Mae Selling Guide B2-1.2-03 [Article Published in Question & Answer Issue – May 25, […]

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