Fannie Mac update 10/6

[SunshineGal]

Dniel,

Here are a few tips to watch for. One, pull your credit report and see how the lenders are reporting. Next to the account there will be a number, make sure you check what the number means, for instance, one of them means the house was included in bankruptcy. Next, not all lenders play nice when it comes time to verify the mortgage payments after a BK so be sure to keep proof of all your payments, you will need to show the new lender that you have not been late on the mortgage.

[dneil]

Thank You. That is very helpful. I pay with my checking account now, but in the past (before I filed) I paid with cashiers checks. I hope I still have those receipts. Although, it is posted on my monthly statements that I am up to date. Isn't that proof?

[SunshineGal]

Hi dniel,

The statements are not proof as they only show you're current. The lender will need verification for your file that you have not been 30 days late. I can't remember if they need 12 months or 24 months, but always better to be safe than sorry. As for the cashiers checks before you filed, I wouldn't worry about those as you'll have to wait 24 months anyway....just keep your bank statements showing the checks to the lenders (both 1st and 2nd) and you will be fine.

SG

[dneil]

Thank You Sunshinegal I really appreciate your help. I will be sure to do that! Also, I found all my receipts for the cashiers checks. I will keep them in my safe, just in case.

[SunshineGal]

You're very welcome, glad I can help.