Foreclosure/Short Sale Ramifications - 06/04/08 10:23 AM
Wow,
We just received word that if you have a foreclosure, instead of having to wait 3 years to buy again with a "conforming" loan, it will now be a 5 year wait.  Bankruptcy is still 2 but if you put the house in, it's still 5.
Also, for those selling on a short sale-or thinking about doing one, this is classified the same in the lender world as a foreclosure, Of course, it will depend greatly on how the current lender reports to the bureaus (i.e. how many questions arise in the underwriting of the new loan).
Just an update.......more guideline changes are continuing to … (2 comments)

 
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