A 3 year waiting period is permitted if extenuating circumstances can be documented but the most recent bankruptcy filing must have been the result of extenuating circumstances. A 5 year waiting period is required when there are multiple bankruptcy filings within the past seven years. If a single borrower has multiple bankruptcy filings, the following waiting periods apply (note: two borrowers that each have an individual filing do not count as multiple filings): A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a 4 year waiting period. The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. /GettyImages-1093929566-44021a1f2d424588af63b85ce8adfa0a.jpg "what is fannie mae foreclosures")
There are no exceptions permitted to the two-year waiting period after a Chapter 13 discharge. 2 year period from the dismissal date is permitted if extenuating circumstances can be documented.The waiting period required for Chapter 13 bankruptcy actions is measured as follows:
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A 2 year waiting period is permitted if extenuating circumstances can be documented.Ī distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed.A 4 year waiting period is required and is measured from the discharge or dismissal date of the bankruptcy action.Fannie Mae requires the following waiting periods for a Chapter 7 or 11 bankruptcy:
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