You should discuss your options with an Attorney.
When you sell your home in a short sale, the bank makes you sign an arms length agreement. Part of the arms length agreement that the bank makes you sign requires You not to be the buyer. The only amount you would be able to get your house back is whatever the bank says you have to redeem.
Always a pleasure,
Jennifer Susanne Sommers
Luxury Real Estate Specialist and Fine Home Management/Top 5 Producer
Direct – 561-235-7777
If you do a short sale - there is no foreclosure!!
The two issues above are "either / or" - not &
I believe, based upon the question - your intentions are to keep the home with a smaller balance!
This is what a "loan modification" is all about.
I am a short sale expert and understand the phases from beginning to end...
Look into "Harp" and other programs that can assist - many lenders can be resistant to this.
You may need an advocate to push them...
Get a qualified Real Estate Agent - maximize the situation - know your options.
Gary - 561.306.7653
You can Short Sale a house that you owe as long as you have your lenders approval. Whether you can buy a house that you owed prior to it being lost to a foreclosure is a little more difficult. Most banks when selling properties as foreclosure ask the buyer to confirm they are not related to the old debtor/owner or related to them.
If you mean rebuy a house if you let it go to foreclosure. you would have to speak with a real estate attorney. I have heard of family members buying a home owned by a brother or sister with the idea of renting or selling it back to them, but there may be some laws against that.
I hope this helps. If you have any other questions regarding short sales you can get a free copy of my book "Should I Short Sale My Home?" at http://SouthFloridaRealEstateReport.com
ForbesRealty of South Florida
The answer is 'no'. The banking rules are extremely specific about this kind of transaction and it is considered fraud to short sale a home and then try to repurchase it.
A better solution would be to try to do a workout with the bank, a loan modification.
Scott Miller, RealtorÂ®