Asked by Confused, Elk Grove Village, IL • Thu Dec 29, 2011
My short sale was finally completed in March of 2010 however the lender forced me to go behind in payments to begin the process. Then the loan got sold twice and I was ignored, lost the buyer and finally got a new buyer and closed after 9 missed payments.
The property was a condo in Schaumburg that was only worth half of what I paid, major structural issues, defunct association, and large increase in crime. I had several issues from the move in inspection that were never fixed by the developer and they went BK and foreclosed - so nothing got fixed and the issues continued to spiral. Nothing else sells there today w/o a short sale/foreclosure or cash only sale as the HOA has a 40% delinquency rate on dues. Interesting enough, my old unit's market value is 15K less than the purchase price of the guy who bought my short sale. All total it is worth about $85-90K less than when I bought it.
When I did the short sale, my attorney said 18 months - 2 years to repurchase with FHA.
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