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Extenuating Circumstances?

Discussion in 'Mortgage Lenders' started by MMCalifornia, Feb 5, 2012.

  1. MMCalifornia

    MMCalifornia LoanSafe Member

    Hi all. I haven't posted here in quite a while, but I'm wondering if anyone is seeing lenders make loans that haven't made the seasoning period due to extenuating circumstances. I keep reading that the option is there, but I haven't heard of anyone actually being able to achieve it.

    I'm working with a lender now, who is giving me hope, but I'm wondering if I should pursue it with someone else if I get turned down. My history includes a husband who began struggling with PTSD due to his service in Operation Desert Storm. He ate, drank, and spent, trying to numb himself. Finances got very bad, and we weren't able to get a modification. The relationship was strained, I filed for divorce and tried again for a modification on my own, but was turned down. A few weeks later, he died. I tried again for a modification with our social security survivor benefits, and again was turned down. They told me to apply for HAFA, I got all my docs in, and was told I'd have an answer in six weeks. They sold my house at auction two weeks later, and I was out within 10 days.

    Now, a year later, I have an acceptable credit score, new perfect credit history, 10-20% down, plenty of income, and my income is consistent from my husband's pensions with the VA, his union, and social security. My timeline shows that I had to leave my home about a month before all the benefits were approved and put in place, so I wasn't able to use them to save my mortgage.

    I am eligible to use my husband's VA loan guaranty, and a mortgage is quite a bit less than rent here. Is there any hope?
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi MMCalifornia,


    Try contacting Erik, he may be able to answer your question in regards to being able to use the VA loan benefits under these extenuating circumstances. He has been able to help other members from the forum with their loan questions.

    He can be reached here;

    Erik Sandstrom
    Direct:
    (619)379-8999
    erik.sandstrom@wjbradley.com

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