Comments on: Short sales and new loan approval http://kennycook.com/2010/06/short-sales-and-new-loan-approval/ Home Loan Information From A Former Industry Insider Tue, 22 Feb 2011 03:43:00 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Ken Cook NMLS ID 208452 http://kennycook.com/2010/06/short-sales-and-new-loan-approval/#comment-111 Ken Cook NMLS ID 208452 Fri, 09 Jul 2010 15:52:01 +0000 http://kennycook.com/?p=508#comment-111 Kevin it shows in the credit report. What I have found is most borrowers offer it when the declaration questions are asked which includes asking if any deed-in-lieu of foreclosures have occurred. Kevin it shows in the credit report. What I have found is most borrowers offer it when the declaration questions are asked which includes asking if any deed-in-lieu of foreclosures have occurred.

]]> By: Kevin http://kennycook.com/2010/06/short-sales-and-new-loan-approval/#comment-110 Kevin Fri, 09 Jul 2010 01:20:19 +0000 http://kennycook.com/?p=508#comment-110 Question...Is a borrower when applying for a loan asked if they have been involved in a pre-foreclosure or Short Sale in the past 7 years?? Thanks. Question…Is a borrower when applying for a loan asked if they have been involved in a pre-foreclosure or Short Sale in the past 7 years??

Thanks.

]]> By: Terri Hostbjor http://kennycook.com/2010/06/short-sales-and-new-loan-approval/#comment-109 Terri Hostbjor Fri, 18 Jun 2010 20:55:14 +0000 http://kennycook.com/?p=508#comment-109 How do these "rules" apply to VA secured loans? We recently (March 2010) had a short sale with a conventioanl mortgage; the first mortgage was paid in full; the 2nd mortgage took a settlement less than full amount. We just tried to secure a VA mortgage and have been told based on the very subjective mood of the underwriter; we have to wait 2-3 years. Loss of job was cited in our letter to mortgage company; but that according to underwriter, it didn't 'qualify' under as an extenuating circumstance. We accept the two year waiting period; but just wondering if there is seperate quidance for VA mortgages? How do these “rules” apply to VA secured loans? We recently (March 2010) had a short sale with a conventioanl mortgage; the first mortgage was paid in full; the 2nd mortgage took a settlement less than full amount. We just tried to secure a VA mortgage and have been told based on the very subjective mood of the underwriter; we have to wait 2-3 years. Loss of job was cited in our letter to mortgage company; but that according to underwriter, it didn’t ‘qualify’ under as an extenuating circumstance. We accept the two year waiting period; but just wondering if there is seperate quidance for VA mortgages?

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