I had a short sell 3/2015, how long do I have to wait before I am eligible for a mortgage?

Prior to the short sell the lender stated my credit score was too high and put a foreclosure on my credit prior to the short sell. I complained to the attorney general of that state and nothing was done to rectify the situation. I was unable to rennet the condo, what I owed was 3 times what it was worth and I had relocated to another state
(0) | asked by: Luzetta Barksdale | share | 15 months ago | Report
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Luzetta, it depends on several factors... What type of loan? Date of the short sale? Was the short sale current when it was sold,... etc. Most of the answers below are correct, but Basically, a VA is 2 years (1 with extenuating factors. FHA is 3 years, (2, with extenuating factors) and Conv is 4 years. contact a LICENSED Mortgage Professional to discuss your options.
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7 months ago  |   Report   |   share
The information you have isn't good. To have closed a short sale, lender or lenders approve the transaction, it closes and is recorded. Get a copy of the recorded transfer deed from the county where the property was. Send copy and documentation to lender in writing - if is wrong and they wont correct report lender to CFBP
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12 months ago  |   Report   |   share
answer by David W.R. Stallings    |   Visit My Website   |   Contact Me
to Clarify, VA loans only require 1 year from a shortsale or foreclosure with circumstances beyond the borrowers control. Even if there is a CAIVR claim filed, you can still be eligible for another VA mortgage with an outstanding CAIVR claim. Other than that, Rodney's answer is pretty thorough.
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13 months ago  |   Report   |   share
Hi Luzetta, With a Short Sale, each mortgage servicing company has their own guidelines to follow when it comes to approving them. Many of them will require that the Borrower is late on their mortgage prior to the completion of the Short Sale. A Foreclosure cannot be reported to the credit bureaus though until the subject property has been foreclosed on and sold at the courthouse steps. With a Conventional mortgage (one that is backed by Fannie Mae or Freddie Mac). the standard waiting period is 4 years from the Short Sale completion date. Based on a March 2015 sale, you will reach 4 years in March/April 2019. Fannie Mae specifically states that they do not consider a job relocation to be an extenuating circumstance. For an FHA mortgage, HUD requires that at least 36 months must have passed since the Short Sale completion date. If the property being sold was an FHA, VA, or USDA mortgage, then the waiting period will be longer than 3 years. This is due to the fact that the lender will file a claim with the government for the defaulted mortgage. HUD will not allow a Borrower to obtain an FHA mortgage is a claim has been paid by the government in the last 36 months. If there were no mortgage lates in the 12 months proceeding the sale and the Borrower was current at the time the Short Sale was completed and the loan was not an FHA mortgage, then FHA does not have a waiting period. I hope this helps give some clarity.
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15 months ago  |   Report   |   share
answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
There is 3 years waiting period for FHA under short sale.
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15 months ago  |   Report   |   share
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