Financing in Tampa>Question Details

Debbie, Other/Just Looking in Tampa, FL

Can I get a mortgage after a short sale?

Asked by Debbie, Tampa, FL Tue Apr 3, 2012

I own a fl townhouse with no mortgage. I want to take out a loan for 60% of appraised value. I have what's considered a shortsale which was settled 4/27/10. I can't find any lenders/mortgage brokers that can help. Please advise

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I signed an agreement of confidentiality on the bank so cannot release the name of the bank, but rest assured it was a community type bank with family values. I closed 12/12 and yes I have a traditional mortgage.
1 vote Thank Flag Link Thu May 9, 2013
I've never heard of anyone getting a mortgage and being required to sign an agreement of confidentiality. Sounds a bit odd.
Flag Sun Dec 29, 2013
Thanks for all the responses. I was able to get a loan from a reputable bank through a reputable mortgage broker. Interest was a little high. But worth it. In two years will have much better credit and will refi.thank you all
1 vote Thank Flag Link Thu May 9, 2013
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need.
0 votes Thank Flag Link Fri Apr 11, 2014
Yes, you can.

FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan.Check out http://www.whywaitbuytoday.com for more details.
0 votes Thank Flag Link Sun Dec 29, 2013
You can qualify for a mortgage after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com for details.
0 votes Thank Flag Link Sat Aug 10, 2013
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.
0 votes Thank Flag Link Sun Jun 2, 2013
Which bank? How soon after you 4/27/10 did they grant you a mortgage?
0 votes Thank Flag Link Thu May 9, 2013
Looks like Patti and Terri have soooo much in common!
http://www.trulia.com/voices/profile/Real_Estate_Pro-Arizona…
Not pretty when agents pull this nonsense, it's pathetic and sociopathic in my opinion.
0 votes Thank Flag Link Thu May 9, 2013
"Patti Kane, Home Buyer, Boulder, CO
I had a short sale last year and my Realtor recommends spamsubprimemortgage.com for a home loan. I am very happy to be able to purchase again."


Truiia, when are you going to put a stop to this This is obviously NOT a home buyer but rather an agent promoting this "loan product."

My next step will be to post the agent that is doing it and POSING as a buyer. It's not even that hard to figure out!
0 votes Thank Flag Link Thu May 9, 2013
Wow, looks like you may be right? Did you flag this "Patti Kane"? I'll go flag it, you should too!
Flag Thu May 9, 2013
Have you spoken to these lenders about why they won't lend you the money? 2 years can be long enough to wait, but there are other items that factor in, such as income, debt, length of employment, length of residence, etc. Find out from the lender what you need to do to get a loan, and you're on your way.

Best of luck,

Margaret Hassani
Broker, Lightning Realty
Phone/Text: (813) 766-1501
Email: Marg@tampahouse1.com
Website: http://www.TampaHouse1.com
0 votes Thank Flag Link Mon Oct 29, 2012
Have you had a late mortgage payment during the short sale process?

Call me- Jordan- 813 340 6223
0 votes Thank Flag Link Sun Oct 28, 2012
If you check out the attached chart, it will show you how long you'll have to wait to be able to qualify again. Of course you'll want to make sure all other bills are paid and credit has improved too.
0 votes Thank Flag Link Sun Oct 28, 2012
I'm in Tampa and I work on situatins just like this, so go to http://www.pro-option.com to see program
0 votes Thank Flag Link Sat Jul 14, 2012
Debbie, Although your question is straight forward the answer is not. There are considerable factors that impact a direct answer to your question. The standard answer would be three years. There are exceptions, which will depend upon your re establishing of credit, your credit history prior to the short sale, your present income, assets and employment situation.

The economy is still challenged. If you are unable to locate an investor willing to provide you with financing, you could consider, renting the unit for monthly cash flow.

Good luck,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
0 votes Thank Flag Link Fri Jul 13, 2012
Hello Debbie,

It sounds like you sold another property as a short sale and now have a mortgage free second property, that you want to refi (cash out)...Well, it's time to find out your credit scores and see how your default and short sale were reported. Then, knowing what you are up against, you can talk to different mortgage professionals - from smaller local banks, to credit unions, large banks and mortgage companies. The way it's been reported will define the distance to the cash out transaction.

Good luck!

Irina Karan, CDPE
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Apr 4, 2012
I just had the same question come up with a buyer last week. The mortgage broker that I put my buyer in touch with said it was a 5 year waiting period. Maybe it depends on the individual lenders.
0 votes Thank Flag Link Wed Apr 4, 2012
Try a credit union. GTEFCU.org gave my tenant a mortgage only 2 months after he completed a short sale. He also had a bankruptcy.

If a credit union will not do the mortgage then you can also try:

https://www.nacalynx.com/nacaWeb/purchase/purchaseProgram.as…

Just make sure to have your Realtor sign you up on the NACA website or a Realtor may be assigned or your Realtor may have to pay a substantial referral fee to NACA.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Tue Apr 3, 2012
thanks for the info, appreciate it. :) I'm a member of Naca, but they kept dragging their feet, and at the time of my purchase their primary focus was saving people for foreclosure.
Flag Tue Apr 3, 2012
There is indeed a 3 year waiting period for government backed mortgages. And I know of no institutional lenders waving such a requitement. There is NO waiting period for PRIVATE mortgages or Hard equity loans. I am a licensed Florida mortgage broker and would be happy to assist you in obtaining private funding.
0 votes Thank Flag Link Tue Apr 3, 2012
Typically there is a 3 year waiting period after a short sale before you will qualify for another loan. However you seem to be describing a refinance situation. Try to contact some independent mortgage brokers instead of large banks, they often have more sources of loans and can offer better options.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Tue Apr 3, 2012
there is nothing to refinance. I have no mortgage
Flag Tue Apr 3, 2012
Give me a call and I can run the approval for you. 813 340 6223
0 votes Thank Flag Link Tue Apr 3, 2012
Hello Jordan,I would like to know if you could email me your information as well. jcampos333@yahoo.com Thank you.
Flag Fri Jun 14, 2013
Jordan, What company are you with? Can you e-mail me all your information? My e-mail is lorraineayzelman@c21be.com.

Lorraine Ayzelman
Century 21 Beggins Enterprises
Flag Wed Apr 4, 2012
Jordan, What company are you with? Can you e-mail me all your information? My e-mail is lorraineayzelman@c21be.com.

Lorraine Ayzelman
Century 21 Beggins Enterprises
Flag Wed Apr 4, 2012
Yes, how long ago was it?
0 votes Thank Flag Link Tue Apr 3, 2012
Typically it's a 3 year wait period after a short sale for a purchase. Since the townhome is a second/investment property they may consider you too high risk right now, especially since you are requesting to pull money out.

Talk to a local credit union if you haven't already. Best of luck.
0 votes Thank Flag Link Tue Apr 3, 2012
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