Guidlines have tightened up severly in the past 2 years. If a foreclosure happens then I believe you are at a 2 year minimum up to 4 years, before another purchase. Extenuating circumstances may let you buy at 2 years. I would ask your mortgage co if you could do a "Short Sale" I dont believe there would any tax consequence to you if it's not investment property. You could see if your state allows for any type of contract for deed, which isnt allowed for homeowner sales in Texas. Call a good Real-estate atty who might help you with a creative way to sell and the paper work. - Wed Aug 26 2009, 21:40