Are you all brokers? I'm thinking if it's only the $2,600 charge off

No, we are not all brokers. Contributors here are from various institutions like mortgage bankers, brokers, and banks with some decent experience in the business. You have come to the right place for answers.

Not every mortgage loan officer you talk with is a broker.. Talking to a community bank is more than likely not going to work.. You can explain yourself until your blue in the face.. if their guidelines says no, it's no.. a broker is exactly that.. a broker.. He takes your loan, and shops it with is 30 to 50 lenders he works with.. Guidelines for both conforming and conventional will allow for your scenario.. But conforming guidelines are in place to allow your loan to be insured and securitized.. The lender who actually lends you the money can, and often times does have their own guidelines (Overlays) on top of the conforming guidelines.. That's what you're dealing with when you talk to your community bank, their overlays.. ditch them and get with a broker... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

This is a good place to find someone to work with.....sounds like you need someone to review your credit report and review a full application to see what can be done.......

We are not all brokers, but regardless of the explanation you will most likely be required to pay it off. It is Fannie/Freddie Guidelines which most banks whether huge or tiny adhere to. Some community banks may do some things outside Fannie/Freddie but only if they have portfolio loan programs and would be willing to hold and service the loan.

I would suggest an alternative...and it is only a suggestion: Call the party you have the charge off withor whoever holds the debt right now...see if you can negotiate a settlement. Do not admit you owe it,and you can say I feel I do not owe this debt but I am willing to setlle it with something I can afford.If 10% is all you can afford...try to hold fast with that. I doubt they would settle for any less than that.You need not tell them you are trying to refinance or anything else except that you want to have itsettled so it is not held as debt on your record, any longer. Once you have that paid receipt evenat less than initially agreed to...you no longer have it in the way of refinancing!

Not everyone on this forum is a broker

Seems there be more but maybe not if you have the required score for the lender you dealing with and income you should be able to refiance, how old is the chargeoff? Need a lender to listen and provide great service call me direct 888-354-3299 Direct Fax 888-798-3832 to send your docs or reach by email ballen@monarchmortgage.com.

You are definitely thinking the right way. Deal with a direct lender. In most cases they will have a more flexible approach since they will most likely service/collect payments on that loan over time.

Common sense does not exist in mortgage lending. Explains something is not going to work. Sorry.

No, we are not all brokers. Contributors here are from various institutions like mortgage bankers, brokers, and banks with some decent experience in the business. You have come to the right place for answers. Andrew

The mortgage professionals who contributor on this site may be from various institutions like mortgage bankers, (like I am), brokers, and banks with some decent experience in the business. You have come to the right place for answers. No, not every mortgage loan officer you talk with is a broker.. Talking to a community bank is more than likely not going to work.. You can explain yourself until your blue in the face.. if their guidelines says no, it's no.. a broker is exactly that.. a broker.. He shops your loan to 30 to 50 lenders he works who work with lenders who have their own overlays and layers so that may not be a reasonable fit for you either.. As a mortgage Bank that actually lends the money, we follow the conforming guidelines. We have VERY few overlays or add-on requirements. Guidelines for both conforming and conventional will allow for your scenario. Conforming guidelines are in place to allow your loan to be insured and securitized.. I am a Mortgage Banker located in metro Phoenix , AZ and I lend in both Arizona and California. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS #218520 KLCSLoanTeam.com