Member Wendy
MemberForum Replies Created
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You must have the permission of both employers, but yes it is possible to be licensed by multiple companies, representing different states in each.
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Fannie Mae and Freddie Mac set certain standards for condominium communities related to their operations and financial stability. If a particular condo community does not meet those standards, that condo complex will be deemed non-warrantable, and units in non-warrantable communities are often-times more difficult to obtain financing for, as the borrower has less product and term options. There is a master list of Warrantable condo communities. Your lender can help you find those communities in your area that are “warrantable.”
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Chapter 13 filers are usually hoping to get a bankruptcy discharge. That is the order that wipes the slate clean of certain debts and gives the filer a fresh start. A dismissal is very different. It means the filer’s case has been stopped before the court granted a discharge. Accordingly, the filer’s creditors may once again seek to repossess the filer’s property or foreclose on any collateral that serves to satisfy the filer’s debts. The filer will owe them the same amount that was due before declaring bankruptcy, minus any payments made before the case’s dismissal. Thus, obviously, a better outcome would likely be to get a discharge vs. dismissal.
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To get an FHA loan, you have to prove you have made your payments on time, on the Chapter 13 plan for at least one year. Your lender will require documentation showing all payment dates and you will need permission in writing, from the court to apply for the mortgage.
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If you’re hoping to get a loan from Fannie Mae or Freddie Mac, you won’t be able to do so until you receive a discharge or a dismissal. With a discharge, you’ll need to wait two years before you can qualify for a conventional mortgage loan. With a dismissal, you’ll need to wait four years.
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Here is a great place for borrowers to check out their own credit scores.
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I have clients that could benefit from this as well. We need to learn more about this and source it to law.
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I did some research and was not able to find a statute or regulation. It would be helpful to have a bill number or citation if available, then I can more easily track it down.
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I am adding a secured credit card option and I am adding an option where borrowers that are renting can get credit for their past rents paid (if on time) added as a tradeline to their credit report. Borrowers can self-report if they need tradelines, due to lack of credit tradelines, to add a cell phone bill, or a utility bill, or an internet service provider bill, Direct TV, and those types of monthly bills. However, you want to take caution as the borrowers start adding all of their monthly bills, because they are also adding DTI, which depletes dollars to spend on housing. creditfixitkit.com does its dispute work to three credit bureaus, Experian, Equifax and Transunion.
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This reply was modified 1 year, 4 months ago by Wendy.
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This reply was modified 1 year, 4 months ago by