Have you tried a modification? You look like you would be a perfect candidate for one, call your bank and start the process before your mortgage resets being proactive is key. WARNING do not get involved with some two-pit modification shark you can deal with the bank directly (it will not be easy).
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
We've completed over 450 short sales over the past few years. Feel free to give me a call directly for a free consultation, even if you just have questions and no real intention of moving forward with the short sale. As an attorney, I can usually field most questions homeowners have.
Exit Right Realty
I'm sure this is a precarious situation for you. All the very best,
Don't give up. Talking with lenders can become a major hassle. Have you spoken to a Maryland Hope counselor. Check out the website http://www.mdhope.org. Also ask to speak with supervisors or Managers at Chase. Everyone is just overwhelmed right now.
If you have exhausted all other avenues as you touched on with the loan modification, then my suggestion would be to get that home on the market and find an agent who either has had alot of experience in short sales or go to the CDPE website to search for one.
That said, I would have many questions before proceeding. The first might be obvious, but I do not like to assume anything. You said you are 100k upside down. Is that due to home equity loans or have you had a market analysis done or both?
When you apply for a short sale, Chase will want to know every aspect of your financial situation. You will be required to fill out a financial statement, among other things, to prove that you cannot continue to make payments on this home. This will require proof of a "hardship" among other things.
The sooner you get going, the better.
It's more difficult but it can happen.
More importantly, if you find a way to get the bank to accept the short sale without missing a payment, you can qualify to purchase right away under FHA guidelines
If you miss any payments, there will be a 3-4 year waiting period before you can qualify for financing depending on the type of loan you're applying for.