Hi all.

So my husband and I were going to buy a second home, closer to my place of work.  We were preapproved, and then basically "approved", and were waiting for the "clear to close".  2 days before the scheduled closing date, the underwriter put the kabash on the deal.

Reason being, we had an old HSBC acct that was marked "acct being managed by CCC".  (from our DMP).

HSBC was supposed to have closed that acct, and removed that remark, as the acct was paid off via DMP in 2009.

The underwriter wanted written statement that the acct was no longer being managed via DMP.  Unfortunately, the DMP company, when they wrote this statement, wrote our dates of DMP on it, and the underwriter saw that the DMP ended in 2011.

the bank is telling us that federal guidelines say you have to be 4 years out from completion of a DMP to get a mortgage.

Is this true?  I've seen people on here talking about getting a mortgage while IN a DMP.

We had no derogatories, nothing late, been paying on current mortgage and car for years (15 on mortgage), with never being a minute late.  the DMP was done proactively years ago when I realized how much credit card debt we had racked up.  All paid off now.

So am I screwed for the next 3 yrs???

Thanks,

Stacey