NEW Short Sale advisory handout!
Fri, Feb 5, 2010
It’s HERE! A great resource for learning about all your options before you list your home as a short sale. Also, if you are considering a loan modification, refinance, foreclosure - there are helpful links in this packet for you too!
This form was made with the client in mind - www.aaronline.com/documents/ssseller_advisory.pdf
It was put together by the Arizona Association of Realtors. Check it out.
Let me know if I can be helpful to you if you decide to pursue a short sale. Use the contact form to the right:) - Becky
Also, as a side note - here is a rule of thumb regarding buying a home again once you’ve experienced a short sale, foreclosure or bankrupcy -
Waiting Periods for BK/FC/SSale
A common question from borrowers and homeowners these days is how long they will need to wait to buy again if a negative item appears on their credit report. Different loan programs have different disqualification periods for Bankruptcy/Foreclosure/Short Sale. Once the automatic disqualification period has elapsed, the normal income/asset/credit requirements typically apply. It is also important to remember that if a mortgage account is included in a Bankruptcy, then foreclosure waiting periods apply with all loan programs. Here is breakdown by loan program:
- Bankruptcy = 4 years
- Foreclosure = 5 years
- Short Sale = 2 years
- Bankruptcy = 2 years
- Foreclosure = 2 years
- Short Sale = industry standard is 2 years
- Bankruptcy = 2 years
- Foreclosure = 3 years
- Short Sale = industry standard is 3 years unless no mortgage lates in the past 12 months and buying in a different geographic location (out of state job transfer for example).
Information deemed reliable but not guaranteed.
Credit given to:
ryan@hsmove.com
Tags: arizona short sale, foreclosure, loan modification, short sale disclosure
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