Financing in Minneapolis>Question Details

Dobie, Home Buyer in Elk River, MN

Can I refinance mortgage loan on home if I had a foreclosure on other home 8 months ago?

Asked by Dobie, Elk River, MN Sun Dec 2, 2012

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Only possible way would be if your mortgage is owned by Fannie Mae or Freddie Mac, and was obtained prior to June of 2009. Then your mortgage would be eligible for the Making Home Affordable refinance program, and could potentially be refinanced under the "Same Servicer" option as they have no seasoning requirements on bankruptcies or foreclosures, don't need to verify income, and have a lot of other benefits. A new lender could not do that for you as a new lender would be bound to the normal foreclosure seasoning guidelines, so it would have to be the lender your mortgage is with now.

To check if Fannie Mae owns your mortgage: http://www.fanniemae.com/loanlookup/
To check if Freddie Mac owns your mortgage: http://www.freddiemac.com/mymortgage/

Otherwise you'd be looking at a minimum of a 3-year waiting period from the date of the foreclosure.

Shane Milne | Lending in all 50 states | NMLS #81195
2 votes Thank Flag Link Sun Dec 2, 2012
Nice answer Shane. I 100% agree with him :)
1 vote Thank Flag Link Wed Dec 5, 2012
I think Shane Milne has your answer.
1 vote Thank Flag Link Sun Dec 2, 2012
Sorry Dobie,'

That is impossible under today's credit standards.
0 votes Thank Flag Link Sun Dec 2, 2012
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