NEW Short Sale advisory handout!

Fri, Feb 5, 2010

Foreclosure, Selling Advice

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:

Conventional Loans
  • Bankruptcy = 4 years
  • Foreclosure = 5 years
  • Short Sale = 2 years
VA Loans
  • Bankruptcy = 2 years
  • Foreclosure = 2 years
  • Short Sale = industry standard is 2 years
FHA Loans
  • 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:short-sale1

Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
3131 E Camelback #120
Phoenix, AZ 85016
Phone: 602.793.7204
E-Fax: 602.889.2258

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Becky Becky Wyatt  
HomeSmart Real Estate
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