Extenuating circumstances

[Anonymous]

Hello All...

Can anyone share an example, besides job loss, that was approved to be an extenuating circumstance.  My foreclosure process started in the summer of 2009, with a Law Date of August 2010.  I was unable to keep up with my mortgage payments due to a child custody case where i had to leave the home while i fought for my children, home, and piece of mind.  Between the court and lawyer fees, and shelling out money to live at another address lead to my default.  My scores are between 750 - 775 range. I'm so close i can taste it.

Is this something a lender would consider an extenuating circumstance?     

[StartingOver10]

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@Anonymous wrote:

Hello All...

Can anyone share an example, besides job loss, that was approved to be an extenuating circumstance.  My foreclosure process started in the summer of 2009, with a Law Date of August 2010.  I was unable to keep up with my mortgage payments due to a child custody case where i had to leave the home while i fought for my children, home, and piece of mind.  Between the court and lawyer fees, and shelling out money to live at another address lead to my default.  My scores are between 750 - 775 range. I'm so close i can taste it.

Is this something a lender would consider an extenuating circumstance?     

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^^^I am not sure what you mean by "Law Date of August 2010".  If the foreclosure was completed in August 2010 then you don't need to have extenuating circumstances for either an FHA loan or a conventional loan. The wait period for f/c for a new FHA mortgage is 3 years from the date the property goes back to the bank.  For conventional loans it is 4 years to 7 years,

When did the bank finish your foreclosure? What date was the deed transferred back to the bank, 

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

Hello All...

Can anyone share an example, besides job loss, that was approved to be an extenuating circumstance.  My foreclosure process started in the summer of 2009, with a Law Date of August 2010.  I was unable to keep up with my mortgage payments due to a child custody case where i had to leave the home while i fought for my children, home, and piece of mind.  Between the court and lawyer fees, and shelling out money to live at another address lead to my default.  My scores are between 750 - 775 range. I'm so close i can taste it.

Is this something a lender would consider an extenuating circumstance?     

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^^^I am not sure what you mean by "Law Date of August 2010".  If the foreclosure was completed in August 2010 then you don't need to have extenuating circumstances for either an FHA loan or a conventional loan. The wait period for f/c for a new FHA mortgage is 3 years from the date the property goes back to the bank.  For conventional loans it is 4 years to 7 years,

When did the bank finish your foreclosure? What date was the deed transferred back to the bank, 

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In Connecticut the court sets a strict forclosure "Law Day", where the court transfers title directly to the foreclosing party without ordering a sale. My "Law Date" was August 2, 2010.  What factors determine the waiting period? I sure would like to apply now with hope I'm on the 4 year side of the spectrum.  

[StartingOver10]

The factors to determine the waiting period is the type of new mortgage loan - conventional or fha.

Since you know your date you are well past the 4 year date - contact a good correspondent lender for your mortgage.

[Anonymous]

Thanks for your help!!!