I am attempting to get a conventional loan for an investment property (for my parents to live in). I have a Heloc on my primary residence that I didn't pay in 2013. All 3 credit reporting agencies list my Heloc as a chargeoff in the 2nd half of 2013. However, I never received any documentation from the Heloc lender indicating a chargeoff. I understand I am still responsible for the debt. The Heloc is not the same lender as the 1st mortgage. I understand their is a 4 year waiting period under Fannie Mae guidelines after a chargeoff. However, the new lender is requesting documentation from the Heloc lender/servicer of the chargeoff, which I never received and I can't get seem to get a direct answer from servicer.
Is there a Federal lending/retail law that requires lenders to chargeoff a Heloc after so many days of non-payment? Any other thoughts? I am trying to find a way to satisfy the new lender.
Is there a Federal lending/retail law that requires lenders to chargeoff a Heloc after so many days of non-payment? Any other thoughts? I am trying to find a way to satisfy the new lender.