A "Gift" from the MTA?

Despite all the recent hoopla over the proposed plan to extend parking meter hours, we seem to be the beneficiaries of a gift from the SF MTA – meters along our block of Market St. now allow up to two hours of parking. I don’t want to talk about it too loudly because … but at least you can now park on the street without having to run out to feed the meter every 55 minutes.

Waiting Periods for Re-establishing Credit

Here's some information from our mortgage partner, Prospect Mortgage, on waiting times imposed by Fannie Mae for approval of mortgages for people who have had bankruptcies, foreclosures etc.:

FNMA- Waiting Periods for Derogatory tradelines; BK's, Foreclosures, Deed in Lieu, Pre-Foreclosure

• Bankruptcy (Chapter 7 or Chapter 11)

A four-year period is required to re-establish credit, measured from the discharge or dismissal date of the bankruptcy action. Exceptions for Extenuating Circumstances: A two-year period is required to re-establish credit, measured from the discharge or dismissal date of the bankruptcy action.

• Bankruptcy (Chapter 13)

A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The time period required to re-establish credit for Chapter 13 bankruptcy actions is measured as follows: This policy recognizes that borrowers have reestablished credit through the successful completion of a Chapter 13 plan and subsequent discharge by requiring only a two-year time period to elapse. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a four year time period for reestablishing credit. Exceptions for Extenuating Circumstances: No exceptions are permitted to the two-year time period after a Chapter 13 discharge.

• Multiple Bankruptcy Filings

For a borrower with more than one bankruptcy filing within the past seven years, a five-year period is required to re-establish credit, measured from the most recent dismissal or discharge date. Note: The presence of multiple bankruptcies in the borrower’s credit history is evidence of significant derogatory credit and increases the likelihood of future default. Exceptions for Extenuating Circumstances: A three-year time period is required to re-establish credit, measured from the most recent discharge or dismissal date. The most recent bankruptcy filing must have been the result of extenuating circumstances.

• Foreclosure

A five-year period is required to re-establish credit, measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. Additional requirements apply after five ears up to seven years following the completion date: Exceptions for Extenuating Circumstances: A three-year period is required to re-establish credit, measured from the completion date of the foreclosure action. The additional requirements listed above apply after three years and up to seven years following the completion date, except the minimum credit score of 680 is not required. • two years from the discharge date, or • four years from the dismissal date. • The purchase of a principal residence is permitted with a minimum 10% down payment and minimum representative credit score of 680. • The purchase of a second home or investment property is not permitted. • Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time. • Cash-out refinances are not permitted for any occupancy type.

• Deed in Lieu of Foreclosure

A four-year period is required to re-establish credit, measured from the completion date (the date the deed-inlieu was executed). Additional requirements that apply after four years and up to seven years following the completion date: Exceptions for Extenuating Circumstances: A two-year period is required to re-establish credit, measured from the completion date. The additional requirements listed above apply after two years and up to seven years following the completion date.

• Preforeclosure Sale

A two-year period is required to re-establish credit, measured from the completion date. Exceptions for Extenuating Circumstances: None.

Brian Fisher
Northwest Regional Underwriting Manager
818-854-1454 blackberry 818-661-1712 fax