Some consumers think they have to wait 2-7 years after the unfortunate incident of a Foreclosure or Short sale or Deed in Lieu to be able to Purchase or Refinance a Home. Most of these consumers are now renting from a landlord or are living with family or friends to have a roof over their head. However there is a solution to help these consumers get back the Pride of Homeownership and Not have to wait years to buy or refinance their home again. Depending on what State you are in and how many incidents you have had, you may be able to do it Now.
Feel free to contact me so I can share the right path with a solid solutions to your new home goals.
As far as portfolio loans that allow a recent short sale, I have not heard of any lender who does. But I would be sure that if there was a loan product like this, it would involve a higher rate and not as good terms as a traditional loan.
Feel free to call or email me anytime. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
I recommend that we speak so we can iron out the details prior to your eligibility. Please contact me at your earliest convenience so we may begin to weigh out options. I may be reached directly via phone or email; whichever method you prefer. I look forward to helping!
Direct: (201) 957-6768
Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association
I assume you are not asking about â€œhard money lenders.â€ If I am right, the profile you seek is probably a retail bank, not a small local lender and not an 800lb gorilla either. But a mid-sized regional bank that doesnâ€™t have auditors second guessing their lending practices. So if the bank has been a little wobbly in the past 2 years, they probably canâ€™t do it even if they want to. You are looking for a stable regional or very, very strong local lender that is aggressive in the mortgage arena. Good luck, hope it works out for you,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
1. Must be current on existing mortgage and other installment debts at the time of Short sale AND
2. The proceeds from Short Sale serve as full payment.
Keep in mind if you are ineligible, the Underwriter may still approve a new FHA mortgage if borrower was in default on their mortgage due to circumstances beyond their control (such as death of a primary wage earner) and a review of the credit report indicates satisfactory credit prior to the circumstances that caused the default.
For new Conventional mortgage a minimum of two year waiting period is required from completion date fi extenuating circumstances existed that led to short sale. For financial mismanagement leading to short sale a waiting period of Four years is needed from the completion date.
Also keep in mind if there were late payments that led to pre foreclosure, Lis Pendens Notice etc. that may have it's own waiting period requirements.
These guidelines apply to current loans but when you are ready to get a new mortgage all of this may look different. If you have a gainfully employed spouse who is not part of the property in short sale, may be you can purchase the new property in her/his name and avoid the waiting period all together. If you like to discuss this in detail please call me. Contact information is given below.
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
I would be happy to email you the guidelines from a lender for a purchase after a short sale as of 2014.
Please email me directly if you would like this.
Dawn Noak, LSA