If your lender forgives the balance of
your mortgage after the short sale, you may not be out of the woods yet.
Hi Sandra — Yes I do not believe any of this short sale time lines have changed about getting
a mortgage after a short sale or foreclosure since the article was published.
The sellers will still need to pay back the rest of
their mortgage after the short sale is complete.
Getting
a mortgage after a short sale or foreclosure is one of the most common questions I get.
Scott you would probably be best served by speaking with a portfolio lender in order to get
a mortgage after your short sale.
About the Author: The above Real Estate information on Getting
a mortgage after a short sale was provided by Bill Gassett, a Nationally recognized leader in his field.
Check with an experienced Murrieta short sale expert on available options you have when it comes to applying for a new
mortgage after a short sale.
Getting
a mortgage after a short sale or foreclosure is one of the most common questions I get.
There are a lot of misconceptions that are floating around when it comes to being able to get
a mortgage after a short sale or foreclosure.
Hi Sandra — Yes I do not believe any of this short sale time lines have changed about getting
a mortgage after a short sale or foreclosure since the article was published.
Many private lenders follow the Fannie Mae rules for extending
mortgages after a short sale.
Not exact matches
The FHA allows applicants to apply for
mortgages three years
after a
short sale.
Can you get an FHA
mortgage after a lender has taken a loss on a
short sale?
Borrowers who wish to qualify for an FHA - insured
mortgage after a foreclosure,
short sale or bankruptcy in 2014 should refer to Mortgagee Letter 2013 - 26 for more information.
NO waiting period
after a foreclosure for an FHA Loan if you had NO late payments on ANY
mortgage or consumer debt in the 12 - months proceeding the
short -
sale AND it was NOT a strategic
short sale.
Does anyone have experience getting a
mortgage after bankruptcy and / or a foreclosure or
short sale process?
While a foreclosure looks slightly worse, with the time and effort you have to put in to keep you home in
sale ready condition, the potential pitfalls of owing the balance of the
mortgage anyway
after the
short sale, as well as the potential tax consequences, it might be worth it to simply let the home go into foreclosure and walk away.
Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed
mortgage a
short 24 months
after the close of their
short sale with 10 % down payment.
I introduced a loan program at http://www.cfsflex.com, they allow a
mortgage after a foreclosure,
short sale, or bankruptcy.
It is never a smart decision to go for a
mortgage loan immediately
after you have faced a foreclosure,
short sale or bankruptcy.
i went to get my taxes prepared and my accountant said from everything he's read that
after a
short sale, the
mortgage debt relief act only applies to the federal govt..
All homeowners with FHA case numbers assigned
after Aug. 25th of 2013 that have gone through a bankruptcy,
short sale, foreclosure, loan mod or a deed - in - lieu can now apply and potentially get approved for an FHA
mortgage.
We have lenders that will allow you to purchase a home
after short sale right away if you were not delinquent on the
mortgage during the
short sale process and the
short sale didn't have an FHA loan.
There are two major factors when determining when you can purchase again
after a
short sale: 1) were you current on your monthly
mortgage payments all the way up to transfer of title / deed?
So in
short, a prospective homeowner can buy
after short sale with FHA right away (and VA) if there are no late payments and other nuanced conditions are met,
after one year using the FHA Back to Work program and
after 3 years if there are late payments on the
mortgage and / or installment debt and qualifications aren't met for the previous two options.
What happens if you close on a
short sale (no deficiency) where last
mortgage payment was not made (all prior were) but the closing is on the 20th day
after payment due?
As it was just simply way too much house and not what we wanted for ourselves anyway (and, actually, being stuck with the entire, very expensive
mortgage payment was not an option), we opted to strategically default and put it on the market as a
short sale after being denied a loan modification that might've made it affordable for us to stay.
Aside from the negotiation of the dollar amounts the
short sale attorney should also be looking to eliminate the possibility the lender can come back
after you in the future for any remaining
mortgage balance.
After a
short sale, both the lender and usually the seller are free from the responsibility of the
mortgage.
With the The
Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099
after the
short sale of your primary residence.
On December 16th of 2009, HUD gave that clarity with Mortgagee Letter 09 - 52 which allows a people to buy a home
after a
short sale if «they were current on their
mortgage and other installment debts at the time of the
short sale of their previously owned property, and the proceeds from the
short sale serve as payment in full.»
We're considering putting our rental up for
short sale but
after reading the feedback (our
mortgage is through Countrywide) I'm having doubts it will work out.
If you have a 2nd
mortgage on the property, the benefit is that you can potentially settle the debt entirely in the
short sale vs having the debt remain
after a foreclosure.
Lastly, buyers who are current and have not defaulted on their
mortgage may purchase a new home the day
after the
short sale has closed escrow.
Versus again, your
mortgage loan will appear as settled or paid in full on your credit report
after a
short sale.
On the one deal I did find that we partnered with an investor, a reverse
mortgage short sale, the mail box was flooded with almost 3 dozen cards & letters from the foreclosure listing, so there are a lot of companies going
after distressed properties here.
Even
after you come to agreement with the seller to buy a
short -
sale property, the seller's lender (or lenders, if there is more than one
mortgage) still has to approve the
sale.
Soon
after, nearly every seller Smith worked with was forced to either abandon the
sale or lose tens — or hundreds — of thousands of dollars in a
short sale because they were upside down on their
mortgages.
It's important to know not just the federal rules but what's going on in your state, Thompson says, because a variety of state statutes have been enacted to address foreclosure processing improprieties, taxation of
mortgage debt forgiveness, and liability for deficiency balances
after a
short sale or foreclosure.
Because of this distinction, sellers who are already in default on a
mortgage and do not have the resources to pay off a separate promissory note
after a
short sale might be better off letting the lender foreclose, he says.
After your house gets an offer Sidney sends that offer to your
mortgage lender along with your
short sale package.
If you applied for a
short sale due to extenuating circumstances, you can reapply for a new Fannie Mae
mortgage 2 years
after the
short sale, with appropriate documentation of the extenuating circumstances.
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After Deal Was Made to Lower
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Short Sales and Florida Foreclosure Defense Deadline for Tax Benefits is Now December 31, 2013
After Fiscal Cliff Legislation Signed Into Law Today Tags: Bank of America Foreclosures, BofA Foreclosures, Deficiency Judgments, Florida Real Estate Foreclosures, Foreclosure Help, Foreclosure Settlement, House foreclosure,
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Mortgage
This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences)
after a
mortgage loan modification,
short sale, or from a foreclosure.
That often happened
after the collateral was sold
after a foreclosure, deed - in - lieu, or
short sale, and write - downs were sometimes included as part of a
mortgage modification as well.
In other words you can get a
mortgage quicker
after a
short sale than a foreclosure.
Remember that a
short sale may impact your credit, so you should only consider a
short sale after you've explored all of our
mortgage assistance options.
There are two major factors when determining when you can purchase again
after a
short sale: 1) were you current on your monthly
mortgage payments all the way up to transfer of title / deed?
With the The
Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099
after the
short sale of your primary residence.