Fannie Mac update 10/6

[SunshineGal]

You're very welcome, glad I can help.

[dneil]

Thank You Sunshinegal I really appreciate your help. I will be sure to do that! Also, I found all my receipts for the cashiers checks. I will keep them in my safe, just in case.

[SunshineGal]

Hi dniel,

The statements are not proof as they only show you're current. The lender will need verification for your file that you have not been 30 days late. I can't remember if they need 12 months or 24 months, but always better to be safe than sorry. As for the cashiers checks before you filed, I wouldn't worry about those as you'll have to wait 24 months anyway....just keep your bank statements showing the checks to the lenders (both 1st and 2nd) and you will be fine.

SG

[dneil]

Thank You. That is very helpful. I pay with my checking account now, but in the past (before I filed) I paid with cashiers checks. I hope I still have those receipts. Although, it is posted on my monthly statements that I am up to date. Isn't that proof?

[SunshineGal]

Dniel,

Here are a few tips to watch for. One, pull your credit report and see how the lenders are reporting. Next to the account there will be a number, make sure you check what the number means, for instance, one of them means the house was included in bankruptcy. Next, not all lenders play nice when it comes time to verify the mortgage payments after a BK so be sure to keep proof of all your payments, you will need to show the new lender that you have not been late on the mortgage.

[dneil]

Thank You Sunshine Gal That is good to hear. What I plan to do is take any extra income and try to pay down my second mortgage over that period of time so that when we do refinance we can hopefully drop the payment down a bit. I am fine with two years, besides we are in a great situation since we didn't reaffirm. Heck, I might not be interested in refinancing it at all and just pay extra each month and during tax season when we get our return. I wouldn't even care about my credit rating or re building credit if it wasn't for being charged more by car insurance companies due to bad credit. (sigh).... Anyway, thanks for sharing that.

[SunshineGal]

The two years after discharge is for FHA, which Bank of America offers. Also, keep in mind that the 2 years starts from the month following the discharge, so if you are discharged in Dec of 2010 you won't get an approval until Jan of 2013. (This may not apply to a manual underwrite)

[dneil]

Bank of America told me 2 years after discharge.

[AbbeyA]

Keep in mind, this is for conventional financing which requires a higher down payment. No on is doing conventional financing, it's pretty much all FHA right now which is still 2 years post BK and 3 year post foreclosure/short sale.

Thanks for adding some sunshine to the thread!

[HHM]

Keep in mind, this is for conventional financing which requires a higher down payment. No on is doing conventional financing, it's pretty much all FHA right now which is still 2 years post BK and 3 year post foreclosure/short sale.

[SunshineGal]

I was wrong, Fannie is at 7 years now unless you can document extenuating circumstances.

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1016.pdf

[SunshineGal]

Freddie's changes became effective this month, as far as I know, Fannie is still at 48 months.

[SubPrimeME]

LOL!! so it changed from the time this thread began until now...how funny is that??? and me too...i hope to be able to buy again at some point.

I don't think it changed, I just don't think the first person you talk to at most of these places has a clue.... Which they are going to need to, because those of us that had this shiz go down in 08' are about to come out of the woodwork.

[tobee43]

Just for fun I called aimloan.com and they are saying 48mos after the BK, the foreclosure didn't matter.

So I think the moral of the story is that it is all up to the lender, and that you must work through them to find one willing to work with your profile. Maybe by the time I'm ready to purchase again, I will just write a check.

LOL!! so it changed from the time this thread began until now...how funny is that??? and me too...i hope to be able to buy again at some point.

[SubPrimeME]

trust me...( LOL!! i'm sure you've heard that before)....with as many homeowners going under...things will be changing in the future for certain.

right now the banks are holding so tight they are busting....no one is getting a penny and they want to discourage as many as possible.

but after that cute little incentive for first time buyers the banks are going to eventually realize there is NO ONE to lend to???

how many homes are foreclosed in this country today????? i'm not exactly certain on the number, but we all know that number is at historical record highs....so after the banks tap out the first time buyers and there will always be a few...what about the millions trying to lick their wounds and start over...the banks are going to HAVE to take notice at some time...or lag behind in lending and making themselves some money....one could think....

Just for fun I called aimloan.com and they are saying 48mos after the BK, the foreclosure didn't matter.

So I think the moral of the story is that it is all up to the lender, and that you must work through them to find one willing to work with your profile. Maybe by the time I'm ready to purchase again, I will just write a check.