how long before i can refinance a non-owner property after a short sale 3 years 6 months ago? i am being told 7 yrs for freddie and fannie?

Asked by lvandewall, Pleasanton, CA Sun Apr 21, 2013

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Grace Tam, , Dublin, CA
Tue May 7, 2013
foreclosure is 7 yrs and short sale is 2 yrs. If you want to find out more about this you can call me. I do need to know more about your loan scenario.
0 votes
Susie Kay, Agent, Dallas, TX
Wed Apr 24, 2013
Hi Ivan,

I would suggest that you speak with a lender as they will need to find out where you are, what you are wanting to do and determine what needs to be done to accomplish that.

Best of luck,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes
Brian LeBars, Mortgage Broker Or Lender, Pleasanton, CA
Mon Apr 22, 2013
Hi Ivan...

Each scenario I find post short sale is unique and would take a conversation to best advise you. One item to take a look in to is how the short sale reports on your credit and if any balance is still owing. The other question I would have is did you have to miss any payments to trigger the short sale. Feel free to call me any time.

Brian
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sun Apr 21, 2013
It will depend on how well you have repaired your credit since your short sale. Were you paying everything on time? Were you paying down your debt?

Has your credit score recovered?

For some, if may take less than three years provided they did everything right to repair their credit. But if your credit history shows more and continuing examples of delinquency as well as being over extended, it may take longer

Best that you speak with a mortagage lender to get preapproved. And if not, then you can seek advice on what you will need to do to get to that point where you qualify for a mortgage.

For what you can do to repair your credit, go to myfico.com. Here's the link
http://www.myfico.com/crediteducation/improveyourscore.aspx

Good luck.
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