The Economic Collapse of 2008 wreaked havoc on everyone's lives.  Many people lost everything financially.  Here's a guide to assist those whom experienced difficult times during this crisis by facing either a Foreclosure, Deed in Lieu of Foreclosure, Bankruptcy and/or Short Sale.  For a downloadable version, then click here.

 

Jumbo Loans:

 

One thing to understand about Jumbo mortgages is they are niche- or managed portfolio products.  This means that Lenders whom offers these programs don't sell these loans, like the conventional and government loan programs.  Based on this information, then one will need to understand each will have their own guidelines.  These guidelines will typically be more restrictive in nature.

 

Most investors or Lenders won't provide Jumbo loans to borrowers with derogatory credit on their credit profile (or credit report).  There are a few out there that will lend, but will require any where between 5-7 years from the discharge of thier Bankruptcy; date of their foreclosure; or completed sale of their Short Sale.  Keep in mind, these Lenders will require absolutely clean credit since the derogatory filings (including on-time payments for their rent and other creditors).  Also, they will have stringent guidelines on the number of tradelines.