In the United States, you will need to wait three years after a short sale in order to buy another house. This is per the Federal Housing Administration.
Yes you can. I am currently purchasing a short sale house from people that had a 20/ 80 loan with two banks. It has been very long and tough but it can definetly be done!
How do you get out of a second mortgage when the house has been sold on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
I would say 5 yrs
You do not need to live in the house to complete a short sale. In order to qualify for the HAFA short sale you would need to of lived in the property within the last 12 months.
That is up to the lender.
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
House Hunters - 1999 Short Sale in Sacramento was released on: USA: 14 March 2010
The A has a long A sound, as in sale and tale. The E is silent.
If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.
It is, as long as it is cleared by all parties involved, including the mortgage lender.
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
Can a family member buy a short sale property from a family member
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
If you haven't caused the fire, the situation shouldn't be worse than where you are right now. However, your short sale plans would have to wait until things are sorted out.
House Hunters - 1999 First Time Buyers Seek Short Sale in Sacramento was released on: USA: 4 April 2010
Iam bout to lose my house soon, getting divorce!. is it recommended to do a short sale? I am concerned about 1099-C taxes I have to pay to IRS and how bad my credit will be if I want to get a cheaper property later on. does enybody know how much afeccts short sales, is it better than a foreclosure! Thanks
In the real estate industry short sale initiates when the borrower is in financial crises and unable to pay the mortgage amount. In case of a short sale, property is sold to a third party (not the bank) and the proceeds from the sale go to the lender. After the sale of property the lender can opt for recieving the diffieciency amount or may forgive it. In many states is hould be forgiven leagally.
long or short
No. The A has a long A sound as in wane and sale. The E is silent.
This depends on your ultimate goal. A short sale is less detrimental to you credit, but will still likely keep you from buying another home for 2-3 years. Often times short sales become foreclosures because the homeowner stopped paying the mortgage loan payments and the short sale took too long. A foreclosure hits your credit harder, but may allow you to stay in the home for just as long or in some cases longer. Additionally, you can negotiate a "cash-for-keys" deal with the lender or new owner where you leave the property in good condition on a specified date in exchange for money for relocating costs.
Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.
A short sale is most often using when a homeowner is facing foreclosure. If the amount offered by a potential buyer of your house is less than the amount you owe your lender, you can ask the lender to accept the offered amount as payment in full. The lender does not have to agree to accept a short sale. They may elect to go ahead with a foreclosure because of other liens on the property (such as 2nd mortgages.) You can request a short sale by submitting a short sale hardship letter to your lender.