Hi Gustan Cho,
Mr. Gustan Cho, my wife and I spoke to you yesterday briefly and you mentioned that a mortgage loan originator from The Gustan Cho Team @ Platinum Home Mortgage Corporation from Nevada would call us and no one has contacted us from The Gustan Cho Team @ Platinum Home Mortgage Corporation.
I'd like to get this going as soon as possible!
Good morning Borrower:
Can you please call me at 262 878 1965 or text me at 262 716 8151 as of a time where we can go over your mortgage application today? Looking forward to working with you. I can help you secure a conventional loan from what you told me. As per our conversation, as long as you had a mortgage part of your Chapter 7 Bankruptcy, the waiting period to qualify for a Conventional Loan is four years from the discharged date of the Chapter 7 Bankruptcy Date and the recorded date of the foreclosure does not matter and the deed can have been transferred out of your name after the discharged date. Here is a blog that I published on Gustan Cho Associates about mortgage part of bankruptcy and qualifying for conventional loan.
Conventional Loan With Mortgage Part Of Bankruptcy
My Response To My Loan Officer Who Assigned Borrower A To A Local Loan Officer Under The Gustan Cho Team @ Platinum Home Mortgage Corporation
Dear Loan Officer:
I assigned Borrower A yesterday and got a call from Borrower A stating nobody has contacted him. What is going on? Give me update.
Gustan Cho NMLS 873293
Response Back From Loan Officer A To Me As Of The Status Of Borrower A
Dear Gustan Cho,
I did assign Borrower A to Local Loan Officer and Assigned Loan Officer A replied back with the email below. Borrower A does not qualify for Conventional Loan because there is a 7 year waiting period from the recorded date of foreclosure even if the mortgage was included in the Chapter 7 Bankruptcy and discharged. Read Email below from Assigned Loan Officer A:
Email Response From Assigned Loan Officer A Concerning Borrower A:
I called him , BORROWER A, yesterday from the number that was in the notes from Gustan Cho and Borrower A advised me they were working with someone else that advised them that they could get a Fannie Mae loan as a conventional refinance with a foreclosure that is only five years old. When I spoke to him I advised him that they will not qualify for a conventional loan for seven years after the recorded deed of the foreclosure and they were two years out. I wished them the best of luck and if any issue to call me. The deal is dead and Borrower A does not qualify.
My Response Back Overriding Decision By Assigned Loan Officer A:
To All Loan Officers And Loan Officer Assistants Assigned To Borrower A
From Gustan Cho of The Gustan Cho Team at Platinum Home Mortgage Corporation
I just got off the phone with Borrower A and Assigned Loan Officer A did contact the Borrower A yesterday and the Borrower A thought that Borrower A but was told that he did not qualify for a Conventional Loan until Borrower A waited out 7 years from the recorded date of the foreclosure even though Borrower A had a mortgage part of their Chapter 7 Bankruptcy. I just got off the phone with the wife, Mrs. Borrower A and got the scoop. Here's the deal with this file:
Borrower has a mortgage as part of Chapter 7 Bankruptcy. The mortgage was discharged with the Chapter 7 Bankruptcy. The deed was transferred AFTER the discharged date of the Chapter 7 Bankruptcy which does not matter. Under FNMA Guidelines, the foreclosure could have been recorded yesterday and the borrower qualifies as long as the mortgage was part of the Chapter 7 Bankruptcy and 4 years has passed from the date of the Chapter 7 Bankruptcy discharged date. This is a no brainer and I have done hundreds of these cases over and over in the past 18 months and have a few files like these on our pipeline. If Assigned Loan Officer A hasn't done any of these, I want this file assigned to another loan officer who has experienced in doing case scenarios like these. You can assign it to several loan officers. I recommend to have it assigned to the following loan officers:
1. Bob Vogel
2. Tassapat Sripetcharakool
3. Larry Stepp
4. Danna Kelley
5. Billy Stavridis
6. Devin Polk
7. Victor Hoffmann
8. Jason Lee Atkins
9. Rashad Carmichael
10 Amy Rowland
11. Suvichar Thongkai
12. Buddy Lomax
13. Harvivek Dadhwal
14. Scott Gross
The above loan officers of The Gustan Cho Team at Platinum Home Mortgage Corporation can knock these out. Let me know with status. Let me know who will be taking care of Borrower A and lets move this file forward.
Gustan Cho NMLS 873293
The Gustan Cho Team
Platinum Home Mortgage Corporation NMLS 13589
Toll Free 1-800-900-8569
Cell 800.900.8569 Please Text For Faster Response
Apply Online www/phmc.com/gustancho
Available 7 days a week, evenings, weekends, and holidays
The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029
address: 425 North Martingale Road Suite 1280, Schaumburg, IL, 60173