Niclole,

I would like to speak to you about alternatives to a short sale.

Please email me at sunraisin60@hotmail.com. I answered your question about how long it would be before you would be able to purchase another home earlier, having to do with incorporating a counter offer on all offers on your short sale that your lender would agree to accept the amount of the offer on your property in full settlement and put it on your credit report as such. Are your payments current at this time?

I am sure I could help you with this and am here in Arizona City.

Elizabeth Drew - Better Homes RealtyAZ
(520) 709-0253

Nicole,

Just recently I had a lender check with one of the banks she works with and was told that it is usually at least 24 months before you would qualify for another loan. However there is a clause, that you as a seller, may request be written in an addendum to a Purchase Contract offer on your property that states that your lender (which ultimately will be the entity that will be accepting, or rejecting the offer) has accepted the amount of the sales price in full payment of your loan and make a note on your credit report to that effect.

Hope this helps.

Elizabeth Carter-Drew
Better Homes Realty AZ
(520) 709-0253

Sorry I guess I did not read your question right. Why do you have to wait? You can hold up to 4 mortgages. You can own as many homes/property as you want but only hold 4 mtgs. This was just revised by Fanny May last month.

Short sales can take forever.........With foreclosures you are just dealing with the mortgage holder (bank etc.) but with short sales you have the mortgage holder and the current owner that is defaulting or being foreclosed on. It can take months and still fall apart.