Selling Guide

Published April 07, 2021

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When a borrower has a bankruptcy and a foreclosure, what event is used to determine the waiting period?

If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

For additional information, see  B3-5.3-07, Significant Derogatory Credit Events – Waiting Periods and Re-establishing Credit.

 

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