how long must a borrower wait if foreclosure process was started but payments were made to come out of foreclosure?

Generally speaking, you can only have up to two 30-day lates in the past twelve months on your current mortgage to get a new one. But most lenders treat foreclosure started the same as a full foreclosure. Therefore three year wait.

Contact me offline to get more specific and I'll answer your question in detail. Thank you!

If all defaulted payments and late charges, along with all legal fees are paid, the lender or servicer should restore the loan status to current within a reasonable time. There is no set time period in your standard FNMA loan documents. It can take 30 to 60 days for the servicer to report the status to the credit bureaus. Your state legislature may have set standards.

The specific information for your individual situation will have an impact on what the correct answer is for you. Please contact a licensed, local mortgage professional to get the most correct answer in your situation.

It depends on how it shows on your credit report. If a N.O.D. was filed then your were at least 90 days past due. But if your credit report shows 120 days or more or it says " Paid Foreclosure " then most banks will grade that as a foreclosure. In the scenario you would need to wait at least 3 years to get into a regular or irregular loan. Contact me by calling or emailing me and I would love to walk you through how the process works.