Home Selling in 48111>Question Details

Felicia, Home Buyer in Canton, MI

Is there a waiting period after closing to short sale?

Asked by Felicia, Canton, MI Mon Jul 6, 2009

My husband and I closed on our home 3/9/09. Then had to refi because something was wrong with paper. We completed that on 4/29/09. Now we are divorcing and need to short sale. Will we have to wait to sell the home. In my opinion the divorce was not forseeable. I am still quite shocked that he wants to divorce. I have an attorney, but I was advised that there may have been a clause in our mortgage paperwork stating that divorce, loss of employment or anything else that would prevent us from making our payments was not anticipated. Has anyone heard of this?

Help the community by answering this question:


CFS Mortgage, http://www.cfsflex.com, has a flexible loan program. They allow a mortgage after a foreclosure, short sale, or chapter 7 bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sat Jul 27, 2013

You should be just fine, then. Now you need to find a proven short sale expert to facilitate the sale and process for you. Again, I would appreciate having a discussion with you about this.

Thank you, and enjoy your evening.

Derek Bauer, Associate Broker / Realtor
Real Estate One
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Mon Jul 6, 2009
We did purchase a foreclosed home and got FHA financing. I have the paperwork at home, but I don't remember such a clause. Our bank is actually selling our mortgage so I won't know who to deal with until they send us the notification. Thank you for all of this information.
0 votes Thank Flag Link Mon Jul 6, 2009

As long as you didn't purchase a property upon which deed restrictions were placed (i.e. a bank preventing a buy and flip), you should be able to sell.

Make sure you align yourself with a solid short shale expert. I would appreciate the opportunity to interview with you for the job, as I am a Certified Distressed Property Expert and approximately 40% of our business is short sales.

Feel free to read more below...
0 votes Thank Flag Link Mon Jul 6, 2009
Hi Felicia,

If you purchased the home as a foreclosure or short sale, there may be a waiting period. Best to get a legal opinion on that. As far as you doing a short sale, you need to have a "hardship." A divorce would certainly qualify you for this. You need a good real-estate attorney. Let me recommend Chris Sevick. You can find his name and contact info on my website (look under the 'Team Member' tab). He is a former realtor, a real-estate attorney and a virtual short sale expert. He has many systems in place to help you. . . and if I can be of help, please don't hesitate to ask.
Web Reference: http://ReneeBadall.com
0 votes Thank Flag Link Mon Jul 6, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer