Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
Buy Again After Part 3 of 6 Conventional Financing
A short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The lender agrees to a payoff of a lesser amount than is actually owed, even on a current mortgage, to facilitate the sale of the property to a third party.
If a property is surrendered or included in a bankruptcy, it is considered a foreclosure and must follow the foreclosure seasoning rules.
A foreclosure is a legal procedure in which a mortgaged property is sold by the trustee to pay the outstanding debt following a default. A foreclosure is evidenced by the delinquency status on the credit report or a Verification of Mortgage, a notice of default or a notice of sale filed against the property.
Now here are the basic guidelines as to when you can buy again AFTER a short sale with conventional financing:
Foreclosure – Home was given back to the bank – no owner participation.
7 years from the date the foreclosure was completed and transferred back to the bank if the borrower had NO extenuating circumstances. Minimum FICO of 680 required. 3 years from the date the foreclosure was completed and ... more
Are you on The Rain? Grow Your Network!