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need a lender who doesn't require a reaffirmation of current mortgage. Do you know of one who services Georgia?

We are two years post Chp 7 and did not reaffirm our current mortgage. We choose to "stay and pay". We cant sell or refi because we are $65,000 "upside down" on a conventional loan in Georgia. After speaking with a loan officer we were told though we financially qualify for two mortgages with 650 credit scores and good income, the bank could not write the loan for us without a reaffirmation letter from our current lender. Nationstar Mortgage refused to give us such a letter and told me that we would have to petition the court to reopen our bankruptcy case to get one. They did send me a payment history which shows no late payments for the last 24 months. My husband and I would like to rent out our current home using Market Street's guaranteed lease agreement for a few years then sell it when the value increases. Are there any lenders who will allow us to obtain two mortgages without having a reaffirmation? My husband is a veteran so we will get a VA loan this time around. There must be someone who can help us. We don't want to foreclose or shortsale. by prenaprena from Atlanta, Georgia. Nov 19th 2014 Reply


Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

The mortgage will have to be reaffirmed or sold to do a VA loan. No way around it.Sorry.

Nov 19th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You have bigger problems than just the BK and reaffirmation.. your exiting a property your $65K upside down on and going into a zero down loan. To an investor, everything about your deal shouts "RISK"... There are lenders out there that do not require you to reaffirm. And it's not required for VA, but each investor (Lender) can have their own set of rules and regulations above what conforming loan guidelines require.. it's these "Overlays" that your running into.. As I said, the reaffirmation is not a problem.. but the $65K on the exiting property is, and even though you can qualify for both loans, it's unlikely you will find a lender willing to do it.. If you have any shot at all, you need to contact a mortgage broker and not a bank.. the broker works with numerous lenders ( i have 21), each one with different overlays.. more lenders means more options and the greater likelihood your loan will get approved. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 19th 2014
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