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?

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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
Felicia,

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
Felicia,

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
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