Financing with HUGE Lending Problem
Hello Fellow Investors...
I've run into quite a large problem with a house I have under contract.
Situation: My wife and I recently purchased a house to move into in November. The loan was sold to another lender in March - we had autopay set up with the first lender and apparently it didn't transfer, thus resulting in 2 months not paid (March & April). Once we were notified, we paid in full for those two months and May's payment as we have approximately $80,000 in the bank and have never missed a payment for anything. We thought the situation was rectified, but have since been informed that it dinged both credit scores from a 780 to approximately 600 and now threatens us purchasing a property that we are under contract for to move into.
I am a 100% disabled veteran, but have utilized all VA entitlement on other properties.
Fannie Mae won't touch the loan due to the period the loan went unpaid. Private lending may be difficult with our credit score essentially ruined.
Does anyone have any insight to offer? Advice that may allow us to keep the house?
Thanks in advance!!