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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

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