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Trulia Chica…, Other/Just Looking in Chicago, IL

What is the best way to refinance if you have been through a short sale in the last two years?

Asked by Trulia Chicago, Chicago, IL Tue Feb 12, 2013

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If you sold your previous home in a short sale within the past 2 years, you probably wouldn't have been able to buy and then refinance another home in such a short time. If you somehow did manage that, then contact your lender to discuss your specific situation.
1 vote Thank Flag Link Tue Feb 12, 2013
You can refinance the property you are in as long as the mortgage is current for the past year. If the short sale is on another property, it is a matter of checking credit and getting an underwriting pre approval. Contact me and I will see if I can help.
1 vote Thank Flag Link Wed Feb 27, 2013
Caise Hassan that used to work at Dontech???
Flag Thu Feb 28, 2013
if you went through a short sale you would have sold your home an dtherefore not had anything to refinance. ifyou owned a second home, the bank you SHORTED will probabily come looking to attach it for the loss they incurred unless you got 100% release when you negotiated it. NOW if you got the release and od own another property, you should meet with a local and trusted loan officer who can prequailify you. beware of internet advice and scams and stay local.
1 vote Thank Flag Link Tue Feb 12, 2013
FHA guidelines are you cannot do any loans if you have been through a short sale within the last 3 years. Conventional guideline is 4 years.
0 votes Thank Flag Link Thu Feb 28, 2013
everything is available if your willing to pay for it
0 votes Thank Flag Link Tue Feb 26, 2013
Trulia Chicago,

Huh? If you have been through a short sale do you mean the short sale went through and the seller sold the property? Well, than they would have nothing to refinance and would not qualify.

However, if the seller attempted to short sale and failed and is still living in the property refinancing would depend on the sellers credit, income, and the Loan to Value of the house.

Ah, but I just thought of a 3rd scenario I do know of a person that had two places. The owner did short sale one property and maintained the second. I would advice a person in this scenario to speak with a mortgage professional to access their situation.
0 votes Thank Flag Link Tue Feb 12, 2013
You don't do this. What would you be refinancing? Trulia Chicago, this question is a bit of a stretch and would only apply to a very, very small number of consumers.
0 votes Thank Flag Link Tue Feb 12, 2013
Stay Employed
Improve your credit
After 2-3 years apply for a refinance.
0 votes Thank Flag Link Tue Feb 12, 2013
Talk to a lender but to my knowledge you won't be able to refinance for at least 2 years.
0 votes Thank Flag Link Tue Feb 12, 2013
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