The last several years have been a rough financial period for many Americans. Since 2007, bankruptcies have surged and the housing market has been littered with short sales and foreclosures. You likely have clients who are asking you about buying or refinancing a house following one of the afore-mentioned distressed events. Below you will find information on different waiting periods required by lenders after a bankruptcy, short sale, or foreclosure.........
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(Updated May 2018)
HOW YOU CAN USE THIS:
Keep this information handy so you can inform your clients about lender guidelines as applicable for their specific situation. Just remember that lender guidelines change from time to time, so it is always best to verify this data with a lender at the time. But this should give you a good baseline knowledge to share with your clients.
You may even want to include this information in a newsletter to clients. While your clients may not be in financial distress, they likely know of somebody who is recovering from rough times. They will find this information to be a very helpful resource from you!
Contact us any time you have questions regarding specific lender guidelines...we’re here to help!!