We received an NOD on a 2nd mtg. over a year ago and pd it off. Lender told us we can't refi/purchase for 4 years. Is this true?

Generally speaking, the mortgage industry treats even an initial notice of default as a full default, and will require a mandatory waiting period before you can get a new mortgage. The waiting period depends on what the new loan program would be. I suggest you contact another mortgage broker in your area for a second opinion and second review of your situation. For this situation in WI, MN, or SD, visit me at www.WI-MortgageBroker.com

More info needed... How long ago did this happen? If you received a notice of default on a 2nd mortgage, then you were delinquent.. If you were delinquent, then by how long? 30 days?, 60 days? 120+ days? Also, when you paid them off, did you pay the full amount, or did you negotiate a reduced amount? If you paid a reduced amount, then that's considered a short sale, and you would be subject to lending guidelines in regards to borrowers with short sales. If you paid the full amount, but you were 120+ day delinquent, then some lenders will make you wait 2, 3 or 4 years before they will approve you.. Again, more info needed, but regardless of your scenario, i have loan options.. fell free to reach out to me if you would like to inquire. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893