I slipped!!

Do follow Jenny's link to HopeNow.com. Since you've just begun short sale you may have more options.

No, you will not be able to buy if you are undergoing the short sale process. The abosolute earliest you could be able to buy is in 2 years but that that would depend on the stipulations agreed to in your approval letter on your short sale and also if you are current on everything else that you own. You should talk to your agent and see what the short sal approval letter states and even meet with an attorney to go over all these facts to get a precise answer.

John & Sarena Villaescusa
Cell- 562-818-2671
Email- Johnv@kw.com
Website- http://www.VGroupHomes.com

Focus on the house which you do own....sorry...I really don't mean to sound "preachy" ... but...

Based on your comments, it appears the home you currently own is "over" your budget.

So have you tried calling, talking, and working with your current lender to modifiy your mortgage payment to an affordable payment? The process is not easy so be ready for a lot of hard work, persisent, and patience. It's FREE, you CAN and should do it yourself. Don't pay someone else to do this.

Your efforts, time, frustrations, etc ... are all worth it because you will save your current home but you will also save your credit profile. If you follow through with the short sale, your borrowing costs (new cell phone, new appliances, new car, etc) will be high for the next 3 years, at least...so can you also afford this?

Refer here for guidance: http://www.hopenow.com/

The short answer is .....NO. If you have started a short sale, one would assume that you are behind in your current mortgage. If not, you may be able to purchase another but.....your lender would have to gain an exception for your current home which is unlikely. Once your short sale goes through, you will, in all likelihood, not be able to obtain a mortgage loan for 3+ years. A catch 22 for you at this point. In any case, contact a competent DIRECT lender (Bank of America - Wells Fargo et al) and have them review your particular situation before considering any other options. Banks are quite wise to your situation and ideas. Good luck in any case.

No!

Here's a link to an explanation of short sales, foreclosures... the whole ball of wax.