Asked by Phoenixjim, Phoenix, AZ • Tue Apr 26, 2011
I live in AZ and worked for 3 companies that went out of business in a 2 year period. It caused a dramatic loss in income and I ended up with a foreclosure 2 years ago. THe foreclosure was an isolated incident and I have plenty of compensating factors (large down payment, low debt to income ratio, lots of reserves). One bank said extenuating circumstances are only cases of death of a wage earner but the HUD handbook does not specifically state what is considered extenuating circumstances.
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