Financing in San Jose>Question Details

Peter Lee, Home Buyer in Pleasanton, CA

refi after foreclose rental

Asked by Peter Lee, Pleasanton, CA Sat Feb 9, 2013

i foreclosed one of my rentals in feb'11 now I want to refi my other rental (loan 350K value 825K) can I do this?

Help the community by answering this question:


Hi Peter

Who owns the loan, is Freddie or FNMA ?

Best regards
Web Reference:
1 vote Thank Flag Link Wed Feb 13, 2013
Richard, Assent Mortgage manually underwrites Fannie Mae loan programs and does the Refi Plus program (not DU Refi Plus, but just Refi Plus)? Because that is the only way you'd be getting this loan done with a Fannie Mae loan program, read the fine print details at as it says "A number of changes are being made to the MANUAL underwriting requirements for REFI PLUS".
1 vote Thank Flag Link Wed Feb 13, 2013
I had a client who wanted to buy a home in Arizona, but he had a foreclosure. After researching the web I found a loan program at, they allow a mortgage after a foreclosure. There is no waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Apr 21, 2013
Actually, I have to take back my last post. If everything else is good I can do it. I looked it up and actully FNMA will allow this loan, but most lenders have their own guidelines they call overlays that will prevent it.
0 votes Thank Flag Link Wed Feb 13, 2013
Is your mortgage owned by Fannie Mae or Freddie Mac and did you obtain it prior to June of 2009? If so, then you can talk to your current lender about refinancing under the Making Home Affordable loan program, as when you go back to your existing lender ("same servicer" it's referred to) then they may not require any seasoning on the foreclosure. If you go to a new lender for that program though, they will have the standard seasoning requirement for 7 years on the foreclosure... as there are different guidelines under that program for a different lender than you already have. You can check if Fannie Mae or Freddie Mac own your mortgage via this link…

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Sat Feb 9, 2013
Thank you for your question, Mr. Lee:

Unfortunately if you lost one rental property to foreclosure two years ago, in 2011, it will be very difficult to refinance your other rental property at a reasonably low interest rate, even though the loan to value ratio is very low.

For more information you may contact me at my cell phone: (408)509-6218 or send me an email at my email address:

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
0 votes Thank Flag Link Sat Feb 9, 2013
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