Sentences with phrase «someone after a short sale»

This undesirable outcome is known as a «deficiency judgment,» and it can occur after both short sales and foreclosures.

Here are general guidelines for how long a borrower must wait to obtain financing after a short sale.

The FHA allows applicants to apply for mortgages three years after a short sale.

Additionally, there is no impact on security clearance and after a short sale, veterans and servicemembers have the opportunity to reuse their VA home loan benefit in the future.

These guidelines use to be murky but the issues concerning waiting periods after a short sale and underwriting guidelines are coalescing around an interesting blend FHA guidelines and Fannie Mae guidelines.

If your lender forgives the balance of your mortgage after the short sale, you may not be out of the woods yet.

After a short sale, veterans and service members do have the ability to re-use their VA benefit for the purchase of another home.

We have no seasoning period after a short sale, as long as it's clear you weren't trying to take advantage of the market.

Buying a home after a short sale has been possible through FHA for some time now.

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.

The VA Home Loan Centers guidelines allow a purchase 24 months after a short sale.

The second hurdle in buying a home after a short sale is dealing with the FHA condition that stipulates that the buyer can not, «take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.»

Myth # 8: After a short sale transaction, the homeowner will receive a 1099 and be forced to declare the loss as income.

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..

So it is very possible to obtain a USDA loan if 3 years have passed after the short sale.

I have a lot of people call me to get pre-qualified to purchase a home using FHA financing after a short sale.

Many people trying to buy a home after a short sale find it difficult to navigate through loan programs that they may be eligible for and various waiting periods that may be applicable.

Then they learn that Fannie Mae will back a loan for someone after a short sale after 2 years with a 10 percent down payment if there are «extenuating circumstances.»

Federal guidelines permit you to buy another home immediately after a short sale if you were never more than 30 days behind on payment, with certain other restrictions.

Robert supports the consumer view in which banks should not be able to reclaim deficiency payments after a short sale

I have read that Fannie will allow a home purchase after a short sale IF the seller has had no delinquencies exceeding 30 days....

The question of when a borrower can get another loan after a short sale or foreclosure is one I hear quite often.

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.

Thanks for the great information about buying a home after short sale or foreclosure.

I am aware that it is 2 year waiting, but seems Fannie now states that as long as you fall within no 60,90,120 + days delinquent you can actually get approved right after a short sale.

The sellers will still need to pay back the rest of their mortgage after the short sale is complete.

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.

Below are the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure:

About the author: The above Real Estate information on buying a home after short sale or foreclosure was provided by Bill Gassett, a Nationally recognized leader in his field.

Getting a mortgage after a short sale or foreclosure is one of the most common questions I get.

I know Fannie Mae lets you apply for a new home loan two years after a short sale with 20 % down but I was wondering if there are any other options out there (e.g. 90/10 loan)?

Scott you would probably be best served by speaking with a portfolio lender in order to get a mortgage after your short sale.

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?

Despite these requirements from many lenders, there are circumstances in which a veteran can get another loan within a year after a short sale occurs.

Although there are guidelines in place, it's important for veterans to realize that in actuality VA loans are much easier to obtain after a short sale than many other types of traditional loan programs.

Typically, the waiting period to get a VA loan after a short sale is two years, if you have made late payments leading up to the short sale.

Short refi's, HARP loans, HAMP modifications and buying after a short sale are all key products to tackling negative equity.

If you can only put less than ten percent down, you'll have to wait seven years after the short sale or deed in lieu of foreclosure.

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.

To qualify for a loan after a short sale, borrowers will need to rebuild credit during the two - year waiting period and show why the original short sale process occurred.

If you're looking to get a USDA loan after short sale or deed in lieu of foreclosure, you will typically need to wait 3 years from the date repayment and bankruptcy were completed.

If you're looking to get a VA loan after short sale or a deed in lieu of foreclosure, you will need to wait 2 years after the completion.

If you're looking to get a FHA loan after short sale or a deed in lieu of foreclosure, you will need to wait 3 years after the completion.

If you're looking to get a conventional loan after a short sale or a deed in lieu of foreclosure, the amount of time you have to wait depends on how much money the you are able to put down on the loan.

I've heard that it may be possible to buy FHA home the day after a short sale (in theory) if no payments were missed on short sale.

Although, I hadn't heard that you could buy an FHA home right after a short sale.

I'm mostly concerned that having a 620 score after a short sale will be very, very hard

* note that if the sale is not negotiated correctly, the seller may have to pay tax liability (1099), or even a promissory note after a short sale is complete.

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.

In the link provided below the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure are discussed.