Foreclosure in Rogers Park>Question Details

cleapowell, Home Buyer in Chicago, IL

My partner recently had his Unit foreclosed (after it being in Short Sale for over 3 years). How long till he can buy another property?

Asked by cleapowell, Chicago, IL Thu May 2, 2013

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Answers

13
USDA - 1 year after a short sale
VA- 2 years after a short sale or foreclosure
CONV- 2 years after a short sale with 20% down payment
3 years after a short sale with 10% down payment
FHA 3 years after a short sale unless you were NOT late on your mortgage at the time of closing
then it can be right after you close on your sale.

Best of Luck!
0 votes Thank Flag Link Sun May 5, 2013
There are some services that provide quicker credit repair for folks who have been through the foreclosure process. My suggestion would be to do a quick internet search for some in your area. Hope that helps, and good luck!
0 votes Thank Flag Link Sat May 4, 2013
About three years unfortunately.


Good luck.
Perry
0 votes Thank Flag Link Sat May 4, 2013
You can buy a home in 2 years after a foreclosure assuming that the mortgage was the only negative credit. Your credit will immediately begin repairing once the foreclosure is completed. If you started with great credit scores, and everything but the mortgage is paid timely, your credit scores will be restored enough to get a loan, but the lenders require 2 full years after the disclosure; even if the scores are high.
Feel free to contact me and I will send you back an attachment that I got from my lender explaining this.

Connie
0 votes Thank Flag Link Sat May 4, 2013
Hello,

If I read the question correctly : the property went to foreclosure and never sold . If this is true , than it will be 7 years before that person can consider re-applying for a loan. Now if it did close on Short Sale terms , that person can begin in 2 years . But you must first know the terms of the short sale. To also be clear , as others have stated , if the loan was only subject to one person , than his/her partner has the ability to apply for a loan for themselves without the others history affecting them.

If i can assist with any more questions , feel free to get in touch with me.

Thanks
0 votes Thank Flag Link Fri May 3, 2013
Dear Home Buyer,

Not to sour putting a property in one person name. If you are not married do all the paper work with an attorney at closing. The state of Illinois does not recognize the rights of a partner in a real estate transaction without signed legal documents between the two of you. That is first.

You will have to wait 3 years from discharge date for FHA and up to 7 years for some other. I recommend you also speak with a mortgage lender.
0 votes Thank Flag Link Thu May 2, 2013
Great question for Wesley

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
0 votes Thank Flag Link Thu May 2, 2013
Hello,

He can buy one now if you two have cash. If you are looking to get a loan, maybe you can get one without your partner. If your partner's income and credit are required, then it may take a few years before you can qualify for the loan.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
http://www.atproperties.com/agents/IvanSagel
0 votes Thank Flag Link Thu May 2, 2013
At least 3 years. I would speak with someone to put you on a credit repair program though.
0 votes Thank Flag Link Thu May 2, 2013
It will depend on whether he needs financing and where it will come from. He can be a cash buyer today, or a buyer with seller financing today.
With a local bank, he can also be a buyer in very short order, but I doubt anyone will do this loan to hold in their portfolio without a sizeable amount of collateral.
Other wise, with a nationally insured lender at least 36 months of FHA, and 7 years for a Fannie or Freddie backed loan.
0 votes Thank Flag Link Thu May 2, 2013
Well with so many short sales scenarios, there are so many variables. I work with a few mortgage brokers that may be able to assist your partner. I welcome you to visit my website at http://www.idealhomesinchicagoland.com and go to the STOPFORECLOSURE tab and watch my 5 min video in regards to Short Sales.

I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas When the time is right. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes Thank Flag Link Thu May 2, 2013
My web site has some lender references. Give them a call and ask.
0 votes Thank Flag Link Thu May 2, 2013
With FHA 3 years or less depending on circumstances, Fannie & Freddie require 7 years.

Good luck!
0 votes Thank Flag Link Thu May 2, 2013
Many thanks Jose! Do you know if this is 3 years from the date of actual foreclosure sale? Or would it be from when the property was first listed as a Short Sale?
Flag Thu May 2, 2013
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