Great News for Borrowers with a Short Sale in their Credit History. New guidelines were released by HUD Dec. 16th stating:
1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence if:
a. They were current on their mortgage and other installment debts at the time of the short sale (no 30 day late payments in previous 12 months from time of new loan application for new purchase) OR
b. The proceeds from the short sale serve as payment in full
2. A buyer must wait 3 years from the time of a short sale if:
a. They did a short sale simply to take advantage of declining market conditions AND
b. They are looking to purchase at a reduced price, a property that is similar or superior and within a reasonable commuting distance from the property that was sold short
c. They were in default at the time of the short sale
Be prepared to document a legitimate reason as to why the short sale was necessary (hardship, etc.)
Exceptions may be made to reason 2c if:
1. The default was due to circumstances beyond the borrowers control (death of primary wage earner, long term illness etc…) AND
2. The review of the credit report indicates satisfactory credit prior to the circumstances beyond the borrowers control that caused the default
Take the first step and see what your options are.
Visit www.YourOptionsNow.com
DIgnified Options for Homeowners Facing Foreclosure
AUDRY WOLFF - Certified Distressed Property Expert In the Phoenix East Valley
Phone/Text 480-244-8398 eMail: AudryW@Gmail.com