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Bankruptcy, Foreclosure, Pre-Foreclosure, and Shorts Sales Guide

Bankruptcy, Foreclosure, Pre-Foreclosure, and Shorts Sales Guide

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Published by AccessLending

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Published by: AccessLending on Oct 12, 2012
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06/04/2013

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Last Updated:
9/25/2012
Access Real Estate Lending
Time Required before a Borrower is Eligible for a Loan
Conventional
Investors: PennyMac, Wells Fargo, Chase
Manual Underwrites are not available on Conventional loansBankruptcy
Foreclosure
Pre-Foreclosure and Short SaleWith DU Approval
7 years fromcompletion
With DU ApprovalCh. 7 Bankruptcy
4 years from discharge or dismissal
Ch. 13 Bankruptcy
2 years from discharge
 
(4 years for Chase)
4 years from dismissalMultiple
Bankruptcies
5 years from most recent dismissal or discharge date
2 Years
-80% Max LTV/CLTV (PennyMac andFannie Mae only)
2 years
-
90% with extenuating circumstances andManagement
exception (3 years with Chase)
4 Years
-
90% max LTV/CLTV
7 Years
-
Max LTV/CLTV per APMC Guidelines
With LP Approval
2 Years
-
with extenuating circumstances
and
Management exception
4 Years
-
for financial managementFHA
BankruptcyForeclosure and Pre-Foreclosure and Short
SaleInvestor
:
Wells Fargo
With DU Approval
3 years from completion
See Short Sale exceptions on page 2
Ch. 7 Bankruptcy2
years from discharge or dismissal
Ch. 13 Bankruptcy1 Year of payout period has elapsed with payments made on
time,
and written consent from the court appointed Trustee.
Investor: ChaseCh.
7 Bankruptcy
2 years from discharge or dismissal
Ch. 13 Bankruptcy1 Year of payout period has elapsed with payments made on
time,
and written consent from the court appointed TrusteeHardship
3 Years (Hardship)-
90% max LTV/CLTV
7 Years
-
Max LTV/CLTV per APMC Guidelines
Non-Hardship
7 Years
-
Max LTV/CLTV per APMC Guidelines
Investor: Penny Mac-No Manual Underwrites
except for Streamlines
2
years from completion or discharge on 7 or 133 years from completionVA
BankruptcyForeclosure and Pre-Foreclosure and Short SaleWith DU ApprovalWith DU ApprovalCh. 7 Bankruptcy
2 years from discharge or dismissalCh.
 
13 Bankruptcy
1 Year of payout period has elapsed with payments made on
time,
andwritten consent from the court appointed Trustee.
2 years since completion (Wells Fargo Only)ExceptionsBetween 1
-2 years from discharge: Reasons beyond the borrower
control:
 
Unemployment, prolonged strikes, medical bills
notcovered by insurance. Divorce is not considered beyond the borrowers' control.
(Wells Fargo Only)USDA
BankruptcyForeclosure and Pre-Foreclosure and Short SaleChapter 7-
3 years
Chapter 13-
if less than 1 year since completed or still in3 years
BANKRUPTCY, FORECLOSURE, PRE-FORECLOSURE AND SHORT SALES

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