Various Derogatory Credit Events

1. Various Derogatory Credit Events What Are Derogatory Credit Events? Short Sale Foreclosure Bankruptcy Pre-Foreclosure Sales Deed in Lieu of Foreclosure Exceptions For Extenuating Circumstances Type Time Period Four years (measured from the discharge or dismissal date of the  bankruptcy action) Two years (measured from the discharge or dismissal date of the  bankruptcy action) Chapter 7 or Chapter 11 Bankruptcy Two years (measured from the discharge date) Four years (measured from the dismissal date) Two years (measured from the dismissal date) No exceptions (if there is a discharge) Chapter 13 Bankruptcy Five years (measured from the dismissal or discharge date of the bankruptcy action) Three years (measured from the discharge or dismissal date of the  bankruptcy action) Multiple Bankruptcy Filings Seven years (measured from the completion date of the foreclosure action) Three years (measured from the completion date of the  foreclosure action) Foreclosure Four years (measured from the completion date of the Deed in Lieu of Foreclosure) Deed in Lieu of Foreclosure Two years What Does the Lender Check for After the Waiting Period Ends? They check for the cause of the derogatory information. They verify that sufficient time has passed since the derogatory event. They check to see if the borrower now has an acceptable credit history. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 2422 E. Main St. Gatesville, TX 76528 254-248-0029 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik