Just about everybody by this time? has been impacted by the mortgage collapse and it would be challenging? to find anybody that did not have knowledge of somebody which had to go through a foreclosure or a short sale on their home. Most of the Santa Maria homes for sale in the Santa Maria real estate market were nothing but foreclosures.? Let alone that at one time Santa Maria, Ca. was one of the top 3 places in the state of California for foreclosures sales per capita.? Now I know there are many agents out there reminding many of the homeowners that its best for them to do a short sale vs a foreclosure .
If your bank can let you do a short sale without making you miss any mortgage payments you can possibly get another home loan the next day.?? The hard part will be getting your lender to allow you to do the short sale, a lender can refuse to allow you to do a short sale, as stated before this is the tricky part getting the approval when you have not missed a payment and a short sale transaction typically takes months to close.
You will only have to wait 3 years after doing a short sale if you had to miss payments on your mortgage loan.It may not make a difference how you lose your home either in a foreclosure or a short sale.? The 3 year waiting period for either a short sale or a foreclosure starts from the date of the closing of the transacion. So after those 3 years expire you can put down payment on a place using an FHA loan with only 3.5% along with everyone else buying a home.
You will see differences in other loan programs that are not FHA loans. loan, and also applying to do a conventional loan.Currently the two most influential investors in the mortgage market are Fannie Mae and Freddie Mac.? These two big govt. sponsored corporations are currently the main investors of the mortgage market for the loans that the banks are doing at this time.To get another home loan you will only have to wait 2 years from the date of closing out on your short sale.? But please keep in mind if you are on another loan whether it is investment property or you co-signed on it, there can be no mortgage lates within the 12 months of application.?? If you foreclose then the waiting period is 5years from the date of your foreclosure date, for a loan that is not a FHA loan.When you become a home owenr again that is a huge difference.? It is going to depend on credit what you have showing???
There are millons of homeowners that have lost and are losing thier homes and some have even started the process of starting again and becoming a home owner with half of what they owed with the same comparable home they had lost.Homes are seriously cheaper now than they have been and more than likely will not be moving up in value too much in the next 2-3 years.?? In closing if you find yourself in a position of possibly having to do a short sale it can actually be a blessing in disguise.
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Source: http://southjerseyrealestateagent.com/?p=10133
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