One important date that can come up to haunt you is the actual date that the foreclosure auction took place and the property was sold. Often, homeowners will vacate the home when the sale date is approaching, but then the sale gets postponed for whatever reason. This can push the sale out months and the homeowner thinks the property was sold at auction when it may have actually been sold much later. Once they are out of the home, their attention goes away from what happens to the house. Having said that, all of these things should have been investigated up front by your loan officer and you should have been aware of whatever challenges that you faced.
It does really boil down to the fact that your loan officer didn't do their job up front. Your reasoning for going conventional is also something that is unclear to me. Conventional loans have the longest waiting period after foreclosure. With FHA, even in a community property state, if you are leaving the spouse off the loan their credit history is NOT considered as a part of the approval. Their debts are included in your debt-to-income ratios so you do have to contend with that, but if you were leaving them off due to their differing foreclosure history it is not necessary on FHA. You also don't have the separate mortgage insurance underwriting to contend with on an FHA loan.
Your situation sounds a little complicated to address in this forum, but you really need to talk with a knowledgeable, experienced loan officer to get the right answers. I would be happy to review your situation and give you the right answers. Let me know if you'd like my help.
Brian Cardenas, Sr. Mortgage Banker
AmeriFirst Financial, Inc.
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
If you need further assistance we can give you the names of some great lenders. Maybe switching to an FHA loan would be a good option for you.
Ron & Brenda Cunningham
West USA Realty
** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" **
Search the Official FlexMLS for free through our website: http://www.CunninghamHomesAZ.com
Something sounds like they did not do their job in the Pre-Qualification/early stages of underwriting. I see this where the loan officer does not do his paperwork correctly or in a timely manor.
You will probably need 15-20 days to find a different lender. Have your agent ask for an extension on the COE.
Call me for a recommendation for a lender that has solved this type of problem before.
Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company.