We classify short sales as foreclosures.  It would need to follow current foreclosure guidelines. 

 

 

Steve Peters

COO/ CCO

Gateway Mortgage Group LLC

 

From: Pillar Mortgage LLC
Sent: Wednesday, July 14, 2010 11:54 AM
To: 1-Setup
Cc: 'www.JerryLair.com'
Subject: scenario/loan question

 

I have a client that's looking to purchase a home.  He has a 625 mid-score; however, in 02/2008 he sold his home in Michigan as a short sale.  He didn't make his payment for about 7 months, so it was in default.  It was never foreclosed, as he short sold it, but I am wondering what your guidelines are in doing an FHA loan with this history.  Can you please advise a.s.a.p.

 

Thanks,

  
Pillar Mortgage LLC 

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