Home Buying in Atlanta>Question Details

Inna Eidelman, Real Estate Pro in Atlanta, GA

Short Sale Situation.. Need Advice

Asked by Inna Eidelman, Atlanta, GA Thu Oct 4, 2012

Have a buyer who has good credit and qualified for up to 250K but his wife has a short sale in her name only we are trying to sell it now.. They want to buy something in his name only but the loan officer we are working with said he cant do it because of the short sale.
Can anyone recommend someone who could do a loan like that?
need someone ASAP
they need to move by November 5th and we already found a house

Help the community by answering this question:

Answers

3
Rodney Mason’s answer
Hi Inna,
As long as the husband was not on the mortgage to the other property, the short sale aspect should not be an issue. She just could not be on the new mortgage if she had late payments prior to the completion of the short sale.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Oct 4, 2012
It could be extremely important that the husband have his own credit history, separate from his wife. Meaning, he can not be able to count with the wife's income to qualify for a mortgage loan on the house that they are planning to buy. These will work only if the husband is not a co-signer on the mortgage of the property that is in short sale. If this is the case, another solution will be making all the mortgage payments to the bank that holds your mortgage now, get a short sale reported as "paid in full" and get the new mortgage loan under both names.

Best of Luck,

Maria Cipollone

http://www.Flahomepsecialist.com
2 votes Thank Flag Link Sat Oct 6, 2012
Contact Jeff Adams with Starkey Mortgage - jeadams@starkeymtg.com
Website: JeffAdamsTeam.com

Tell him Kristle Breland from Keller Williams First Atlanta gave you his information. He will be glad to assist you in this situation and answer any questions he can.
0 votes Thank Flag Link Thu Oct 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer