Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
Offices in Four Convenient Locations

November 2014 Archives

Fannie Mae lowers waiting periods for 'derogatory events' p3

We have been talking about bankruptcy and foreclosure and waiting periods -- and, of course, Fannie Mae's decision to adopt separate waiting periods for people who can prove that the "derogatory event" on their credit reports was the result of extenuating circumstances.

Fannie Mae lowers waiting periods for 'derogatory events' p2

Some people hesitate to declare personal bankruptcy. It is a big step, and it is not a decision to be made lightly. However, someone deeply in debt should not worry that personal bankruptcy will close doors for them. There are rules, and there are waiting periods, as we have discussed in our last few posts, but bankruptcy is not "the end." It is, as we say often, a fresh start.

Fannie Mae lowers waiting periods for 'derogatory events'

When Fannie Mae talks about a "derogatory event" on an applicant's credit record, the company is talking about a bankruptcy or a short sale, a deed in lieu of foreclosure, even a zombie foreclosure. These are events that could put a halt to a potential homebuyer's mortgage application. As we said in our last post, these are the events that trigger waiting periods.

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755