Asked by Jonathan and Anne, Portland, OR • Fri May 3, 2013
We are a very well qualified family in all other respects: High income, high credit, low DTI. We have a VA appraisal completed which can be transferred, and an electronic loan file ready for upload.
Five days away from closing, our lender discovered that they have a no-CAIVRS overlay. Very unfortunate they did not disclose this at the beginning of the process. We did ask them about CAIVRS up-front, but they must have misunderstood it.
I had a shortsale in 2011 on an FHA property I bought in grad school, which turned into a money-loosing rental I could not support at that time. I purchased at the top of the market in 2006 and never had a chance to sell above full loan value.
I have full documentation of the situation. The shortsale occurred through the FHA pre-foreclosure process, and was very clean. The government paid a small claim to BOA and will not seek any payment or judgement against me. I have full documentation, including neighborhood watch screens from HUD.
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