Short Sale Question: "If I Do A Short Sale Can I Buy Again?" Santa Monica, CA
A lot of homewoners are concerend that if they do a short sale they can never buy again. It's a valid question since most homeowners are not making their mortgage payments when doing a short sale. They wonder if the banks will ever lend to them again.
The answer is, "Yes!" you can buy again. Let me share with your our experience and what our clients are doing after the short sale. We started doing short sales in late 2007. At that time homeowner's would have to wait 6 months before buying again. Kind of odd, right? Only 6 months. We had clients that would do a short sale, and live with family for a few months while looking for another home. However, now the wait period is 22-24 months before a bank will lend to the homeowner again. We start working with our clients around month 20 or 21 to get prepared for the loan. They receive competative rates and loan choices. Their mortgage is much less than the previous one. Even when they decide to get a 30 year fixed rate instead of an adjustable like before.
Most homeowners don't want to do a short sale. However, if they do the recovery time is minimal compared with not doing a short sale. If you are in need of assitance or think you might soon. Please give us a call and it will be confidential. 310-737-8173 Kristine, Santa Monica, CA
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