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Refinance update and blues

November 3rd, 2015 at 05:49 am

HI all

This is day 2 of the new property manager but will share on that later

REFINANCE BLUES

1. went to 3 lenders so far and we seem to be stuck on the Fannie Mae rule that states if you filed for BK (which I did ) AND had homes that were later foreclosed on that were discharged in the BK then your waiting period starts from the BK not the foreclosure. BK was 8/11.. last foreclosure (the date the deed actually transferred) was believe it or not last year!

This rule was to aid people who filed for BK and moved on from homes and the bank took years to actually foreclose (or the courts were clogged)

I FIT that rule but it needs to be manually underwritten and I am having hard time finding an underwriter who understands the rule much less wants to apply it

So 3 strikes and it is with one FINAL lender. a friend of my CPA.. if he says 'no' i am out. I will not refinance this year and will wait.. my loan is a 5.375 arm right now and does not adjust until 1/2010.. Maybe I will have the house paid off by then!! I may look at FHA next year but may not as I do not want to pay the FHA premium

I am also going to contct the current bank and see if they can refinance me .

anyway that has been 'the refinance update'

I maxed my 401k for the year!!

4 Responses to “Refinance update and blues”

  1. AnotherReader Says:

    The Fannie Mae rules changed in October and no underwriter wants to be responsible for anything out of the ordinary that might get kicked back by Fannie Mae. It's frustrating to know what is technically possible, but in your shoes, I would be happy to have gotten out of the hard money loan, and wait until lenders have a lot more experience with the new guidelines.

  2. Livingalmostlarge Says:

    Good luck and congratulations!

  3. Kiki Says:

    1/2010?

  4. Rachael777 Says:

    I meant 1/2020 good catch! Smile

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