How long does a buyer have to wait before they can Apply for a Mortgage after a Bankruptcy, Foreclosure or Short Sale? FHA Guidelines Foreclosure or Deed in Lieu of Foreclosure * 3 years from date foreclosure completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning. * Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank with acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job. Short Sale * 3 years from date sale closed and transferred to the new owner. * No waiting period if borrower had no late payments on any mortgages. And consumer debts within the 12 month period preceding the short sale . AND the buyers are not taking advantage of declining market conditions. How long does a buyer have to wait before they can apply … [Read more...]
Facing Foreclosure
Facing Foreclosure: What to Do Right Now If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]