Home Buying in Boston>Question Details

miamarietta, Home Buyer in Brunswick, ME

buying after short sale

Asked by miamarietta, Brunswick, ME Fri Jun 21, 2013

any recourse to residents of Maine trying to purchase a home in the less than 2 year time frame following a short sale?

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Answers

6
Short Sale Mitigation, LLC’s answer
A lot of it depends on whether you missed a payment or stayed current during your short sale. I recommend speaking to Robert Benson out of Gladewater Mortgage.
His contact info is in the link below. It's his specialty.

http://massachusettsshortsales.net/2013/03/preserving-your-c…
0 votes Thank Flag Link Mon Jun 24, 2013
Feel free to call me anytime Monday @ 632 2110 and I would do anything I can to help answer all your questions.
0 votes Thank Flag Link Fri Sep 6, 2013
The FHA released new underwriting guidelines on August 16th in Mortgagee Letter 13-26. The new letter titled “Back to Work – Extenuating Circumstances” is intended to “provide minimum underwriting standards and criteria for evaluating borrowers who have experienced an Economic Event”. The new guidelines reduce the waiting time for borrowers who experienced a foreclosure, short sale or bankruptcy from three years to one year for BKs, Foreclosures and Short Sales.
0 votes Thank Flag Link Mon Sep 2, 2013
What the heck is "housing counseling" and who performs/offers such a thing?
Flag Wed Dec 4, 2013
FHA has a 3-year waiting period while Freddie Mac has 4 years. Check if you qualify for mortgage. Try http http://:www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Aug 11, 2013
FHA requires 3 years from short sale, possibly less on exception due to certain circumstances. Conventional requires 2 year since short sale with 20% down, 4 years with 10% down and 7 years with less than 10% down.
0 votes Thank Flag Link Fri Jun 21, 2013
You should contact a lender or mortgage broker. A short sale can have some sort of affect on the persona credit but double check with a lender.
0 votes Thank Flag Link Fri Jun 21, 2013
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