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Columbus OH Real Estate News

by Jason Opland & The Opland Group

By Jason Opland | Agent in Powell, OH

Qualifing for a Mortgage After a Pre-Foreclosure Short Sale or Deed in Lieu of Foreclosure


A home buyer can qualify for a FHA insured or a Fannie Mae loan even after going through a short sale, pre-foreclosure or deed in lieu of foreclosure if certain criteria are met. A short sale or preforeclosure occurs when the borrower is no longer able to make mortgage payments and sells the home for less than the balance of the mortgage. These types of sales are different from foreclosure, when the bank uses legal proceedings to take ownership of a home due to missed mortgage payments, because the homeowner actually sells the property and gives the bank holding the loan some money back.

1. Fannie Mae will not consider individuals who have sold a home in a short sale or deed in lieu of foreclosure until

Click here for the rest of the article on How to Qualify for a Mortgage Loan After a Short Sale

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If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, New Home Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

Comments

By Patti Kane,  Sun May 19 2013, 13:22
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.

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