Selling Guide

Published April 07, 2021

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What is the difference in borrower waiting periods after a foreclosure, preforeclosure, deed-in lieu, or mortgage charge-off?

Foreclosure

A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. If extenuating circumstances can be documented, the waiting period requirements differ.

Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account

A four-year waiting period is required from the completion date of the deed-in-lieu of foreclosure, preforeclosure sale, or charge-off as reported on the credit report or other documents provided by the borrower. If extenuating circumstances can be documented, the waiting period requirements differ.

For complete details, see B3-5.3-07, Significant Derogatory Credit Events.

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