Trade up and PAY LESS???

By
Mortgage and Lending with L'Altrella lending Group, LLC 914-462-2196
That's right, its the American Dream, take 2.  Short sale that home while making all payments on time! Yes, lenders are doing it.  Walk right in to a new property with a lower price and a lower rate.  Yes We Can.....get a new FHA mortgage and thanks to our great government the tax liability on the sale is waived courtesy of the Mortgage Forgiveness Debt Relief Act of 2007.  Assuming decent credit with no late payments and documented income a new mortgage is very possible.  Don't let a good short-seller go rent somewhere when they just might be able to buy again in the best of times when prices AND rates are low.

Comments (5)

Bryan Robertson
Los Altos, CA

There are a lot of markets where people are doing this. High-end homes have dropped in price much more than anyone else (in most places) which means there's an good opportunity to upgrade.

Oct 15, 2011 03:56 AM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Scott - I LOVE THIS!!!!   Thanks for the great information!  I know just the seller that I will send this post to!

I am suggesting and going to subscribe to you,  Thanks again

Dagny

Oct 16, 2011 03:33 AM
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

I am hoping that you will expand on this and write us some more!  I like your style and your info!

Oct 22, 2011 02:18 PM
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Thank you, Scott. Can this be done in Missouri and Kansas?

Oct 23, 2011 07:34 AM
Scott Saradin
L'Altrella lending Group, LLC 914-462-2196 - Ridgefield, CT
CT Home loans, Jumbo, Conforming, Investor/refi loans

Hi Maria,  So sorry for the late response.  Yes, the lending environment is more or less national but some local lenders may have a different approach to this.  A few of my lender reps have confirmed that they are seeing short sales with no lates on credit reports.  make no mistake that this is not common but in this economy banks do want out of loans that may go into default.  It never hurts to ask a lender even if your are not late on the note.  A mainstream lender may not do a purchanse with a shortsale on a credit report but there are a few that will with no problem.

Nov 25, 2011 02:20 PM