Home Buying in 48320>Question Details

ndkblondie, Home Owner in Bloomfield Hills, MI

Looking for a Mtg Banker for FHA Loan in Michigan that allows a short sale due to required out of state job relocation as an extenuating circumstance.

Asked by ndkblondie, Bloomfield Hills, MI Wed Apr 3, 2013

Hi all, hopefully someone here can point me in the right direction. We had to short sell our property in California when I was forced to move to Michigan for my job. I spoke to HUD and they said they will allow this move as an exception to the rule of having to wait for 2 years after a short sale BUT that I need to find a lender that will also allow it and that hasn't placed a more stringent "overlay" requirement. Is there a lender in Michigan who will lend on the FHA guideline as written and do a loan without the 2 year wait after short sale?

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Answers

5
If you were current on your mortgage and have a 12 month clean payment history you are mortgageable at my company.
0 votes Thank Flag Link Thu Apr 4, 2013
Unfortunately not current. Impossible to pay for that empty house in CA while also paying for living for our family here.
Flag Thu Apr 4, 2013
The FHA lender I primarily use said only the death of one of the borrowers would qualify, so yes, you will need someone with more relaxed underwriting.

I do not think Flagstar will work in this case, as I use them also.

I'll do some checking for you...
0 votes Thank Flag Link Thu Apr 4, 2013
Success Mortgage Partners, Gerald Kohmescher Loan Originator 734-612-7479.

Sorry aboout the number error!

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Apr 3, 2013
We are a direct lender based out of Southfield MI. We do have an overlay, but it depends on whether you were behind or not at the time of the short sale

There must be minimum 1-year waiting period from the date of the short sale closing and the new application date, before eligible to close on a new property.
 The mortgage history must be 0X30.
 If any mortgage lates occurred in 12 months preceding the short sale, the Borrower is not eligible until 3 years have passed since the short sale closed.

Not sure if a 1 year waiting period helps, but if I can be of assistance on this please do not hesitate to contact me
Tony
0 votes Thank Flag Link Wed Apr 3, 2013
Try: Success Mortgage Partners, Gerald Kohmescher Loan Originator 734--7479 Direct Line.

If you need the assistance of a buyers agent please give me a call or send me an email.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Apr 3, 2013
Thank you! Some of the phone number is missing, would you kindly provide it?
Flag Wed Apr 3, 2013
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