Saturday, August 17, 2013

BANKRUPTCY SHORT SALES FORECLOSURE GUIDELINES FOR A LOUISVILLE KENTUCKY VA MORTGAGE LOAN


BANKRUPTCY SHORT SALES  FORECLOSURE GUIDELINES FOR A LOUISVILLE KENTUCKY VA MORTGAGE LOAN











2 years seasoning required from Discharge or Dismissal date.

Borrower must have completed at least 12 months of on-time payments per the plan approved by the Bankruptcy court.  In addition, borrower must receive Bankruptcy court approval to enter into the new mortgage loan transaction.

All bankruptcies must meet seasoning requirements and will be reviewed on a case-by-case basis.  Borrower’s with multiple bankruptcies are generally not acceptable on manually underwritten loans.
·         2 years seasoning is required.
·         Borrower must have a clear CAIVRS.
·         If the foreclosure involved a VA guaranteed loan, the borrower may not have full entitlement available for the new loan.
·         2 years seasoning is required.
·         Borrower must have a clear CAIVRS.
3 years seasoning is required.













-- 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*










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