"Previous foreclosure" refers to a situation where someone went through the process of losing their home due to not being able to repay their mortgage loan in the past. Full definition
But that previous foreclosure doesn't automatically preclude them from using this hard - earned benefit again. (veteransunited.com)
Recently FHA announced in mortgage letter 2013 - 26 the ability to FOREGO the current three year waiting period for previous Foreclosures and Short Sales before you can qualify for an FHA Loan if the borrower had an ECONOMIC EVENT that created a hardship. (joemetzler.com)
For borrowers, investors, or brokers choosing to work with hard money lenders in St. Paul, this means no minimum income requirement, no minimum FICO score, and no discrimination based on previous foreclosure or bankruptcy. (hardmoneyfirst.com)