Skip to content

Real Estate Waiting Periods after Financial issues (CA)

September 1, 2011

***Blogger notes – Hope this helps if you’re in any of these situations!!!***

Courtesy of imortgage
Abby Green
Senior Loan Consultant
Direct 714-422-1849

Conventional Loans
Chapter 7 BK – 4 yr waiting period from discharge/dismissal date
Chapter 13 BK – 2 yr waiting period from dishcarge date or 4 yrs from the dismissal date
Multiple Bankruptcies – If there are multiple bankruptcies within a 7 yr period, the waiting period is 5 yrs from the most recent dishcharge/dismissal date
Foreclosure – 7 yr waiting period from the completion date
Deed-in-Lieu/PreForeclosure Sale (Short Sale) – Min 2 yr waiting period

FHA/VA Loans:
Chapter 7 BK – 2 yr waiting period from the discharge/dismissal date
Chapter 13 BK – 1 yr of the payout must have elapsed & the borrower’s performance must have been paid as agreed. Document that the borrower’s current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction.
Foreclosure/Pre-Foreclosure/Short Sale – 3 yr waiting period
VA Loans Only – 2 yr waiting period for Foreclosures

Advertisements

From → Homeowners, Sellers

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: