I had a question about Short Sales recently.
FHA is most friendly to Short Sales.
There are basically two kinds of Short Sales…
1) If more is owed on the home than the home is worth, and it’s impossible to sell the property without the seller bringing money to the table then the mortgage holder can grant a short sale so the property can be closed.
In this circumstance, as long as you are current at the time of the sale, and have had no lates in the previous 12 months, then you would qualify for another mortgage without waiting. (FHA guidelines)
2) If you have fallen behind on your current mortgage, and the mortgage holder is granting a short sale to prevent foreclosure – then you will have to wait 3 years before you can get another mortgage.
Hope this helps!
That’s it for today!
I hope you have a great day! Thanks for reading!