Financing in 54915>Question Details

donald.lafre…, Home Buyer in 54915

Where can I find someone to finance a home for me after a short sale. It would be a hardship that I have to sell my home.

Asked by donald.lafreniere, 54915 Fri Aug 16, 2013

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The best advice is to go back to your lender and be honest. They won't be shocked. It can be dealt with.
0 votes Thank Flag Link Sat Feb 7, 2015
You will need to wait a minimum of 2 years if you can put 20% down, 4 years if you can put 10% down or 7yrs for 5% down (or even 3% with new program) assuming you can qualify for a conventional mortgage otherwise you can go FHA 3 years after deed is transferred out of your name. FHA does make exceptions for buyers who have taken at least a 20% cut in pay due to job loss, illness or death. Then you might be able to qualify for an FHA loan putting at least 3.5% down after just 12 months
0 votes Thank Flag Link Fri Feb 6, 2015
If you tried you best and still have the ability to show you can and will continue to earn a stable income, then I would try a bank mortgage expert vice a broker. My recommendation:
George L. Waldkirch
Loan Originator
NMLS # 247334
Office: 262-532-6132
Fax: 262-367-8421

Hartland Office
400 Cardinal Lane
Hartland, WI 53029
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0 votes Thank Flag Link Fri Apr 4, 2014
It is difficult to purchase a home after a short sale, but not impossible. Have you ever considered a Rent-To-Own situation? I know a couple of lenders that rent houses to people that intend on purchasing them, and in the interim, they actually HELP the buyer clean up their credit so that they will qualify for the loan. Rent-To-Own Situations are made for people with hardships on their credit that want to be home owners. I hope I helped you with your question! If you do decide that you would like to purchase a home on a rent-to-own basis in the Appleton, WI area, give me a call and I will help point you in the right direction. 920-766-HOME (4663).
0 votes Thank Flag Link Thu Apr 3, 2014
Actually I may be able to help you. If it can be proven that the short sale was due to a hardship, I have a lender that may do it. I am licensed in WI as well. Here is my info if you have any questions or want to see if we can make this happen:

Ashley Pimentel
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Office: (630) 405-6070 x140
Direct Line: (630) 396-7787
Fax: (630) 396-3698
0 votes Thank Flag Link Fri Sep 27, 2013
There are circumstances where you can buy right away after a short sale under certain circumstances with a couple of loan types. The circumstances and guidelines are outlined in the web reference below:
0 votes Thank Flag Link Fri Aug 16, 2013
This is pretty much going to be impossible for at least 2-3 years after the short sale. Because you are asking your current lender to take/settle for less than the full balance due. The next lender is not going to lend to you right away as they don't want to end up in the same position. The only suggestion I can give you is to check with your local bank or with a Hard Money Lender but be cautious as the rates will be high, probably not a fixed rate more like an ARM or Balloon.

Thanks, Mandy
0 votes Thank Flag Link Fri Aug 16, 2013
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