Time was ticking away. I had some turnovers that day and my shot—usually reliable, sometimes infallible—just wasn’t working.
My coach pulled me aside and said, “Just get out there and go for it. The past doesn’t matter. Everybody makes mistakes, that’s why pencils have erasers.”
Needless to say, that was a moment from childhood that stuck with me, and it seems especially relevant to the new seasoning requirements for people who have faced a foreclosure, bankruptcy or short sale. People deserve a second chance sometimes, but the forgiveness is not unconditional. There are some guidelines and requirements that borrowers with a short sale, foreclosure or bankruptcy on their credit report have to meet in order to qualify for the purchase of a home or an investment property.
For some of the major lending institutions, the seasoning requirements for various types of mortgage loans available to real estate buyers and investors are:
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