Of course not.
GMAC has no idea what the underwriting guidelines will be in 2 years. Nor does GMAC have any idea what your income or credit score will be. All they're telling you is that, using today's guidelines, assuming your income and credit score are satisfactory, then a deed in lieu will not prevent you from purchasing in 2 years.
That's a big, big difference.
If you don't believe me, ask GMAC to provide you a letter saying that that you'll be able to purchase a home 2 years after a deed in lieu. Yeah, right!
Hope that helps.
Understand two things;
There are a lot of Lenders out there, and, if they need customers, they will bend their own rules to accomodate them.
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. You may want to call me 6 mos before 3 years to look at your credit. Here is a link, flyer, maximum income limits and a needs list.
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
Forecast Realty, Inc.
CA DRE 01338444
Before you worry too much about guidelines, lenders, shadow inventory, short sales, etc., take a close look at YOUR financial situation and come up with a plan that will permit you to be financially sound enough to buy again in just 24 months. Unless you can do that, after letting go of the current home, you don't need to worry about GMAC or anyone else's advice.
Determine how you get your financial house in order first. Make it bulletproof and then take the steps to make it happen. Even if it was an extenuating circumstance, the lesson to be learned is how to build a larger buffer in the future. You can do it.
If you have questions, let me know any time.
Just one thing to note...you can't just 'do' a short sale - it has to be approved by the lender and they may still require you to pay the difference in the amount owed versus the amount in proceeds from the sale of the property.
Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors -
The link I provided below is broken, please use: http://tinyurl.com/6uujyco
Michael has a good point about the fact underwriting guidelines could always change. Since April 2009 there have been 22 revisions; however, the 2-year waiting period remained. Given we are still only through about 30-40% of the Shadow Inventory I shy towards the belief they will likely keep the status quo until clearer economic skies appear.
Michael also has a good point about the Short Sale and the potential benefits relative to a deed-in-lieu AND as Michael alludes talking to a CPA and/or RE Attorney is a good conservative move to make sure you are not self-inflicting damage.
As Condoleezza Rice once said; "Trust, but verify."
In fact, if you have or had extenuating circumstances that contributed or will contribute to the Deed-in-lieu (or a Short Sale) Fannie Mae guide lines state that you may repurchase a home after two years.
See: http://=www.trulia.com%2Fvoices%2FHome_Buying%2FCan_we_trust_our_le target="_blank" rel="nofollow">http://www.trulia.com/voices/Home_Buying/Can_we_trust_our_le
For a definition of Extenuating Circumstances see page 453.
Additionally, FHA financing normally requires THREE years from the short sale; HOWEVER, IF 1) the mortgage payments were made on time within the 12 months prior to the short sale, and 2) you aren't looking to purchasing a similar or larger home in the same area as short sale you can actually buy the very NEXT DAY after escrow closes on your Short Sale.