Forgotten Your Password?

Need to Register?

Question Icon

Find the way after a short-sale

Just a little background, I performed a short sale on my condo in May of 2009 in Brockton, Ma not because I couldn't pay for it but because of lack of responsibility of the Association and the fact that the condo association needed 750,000 dollars to repair a bldg the grossly mismanaged( 200 % increase in condo fees). My loan was through BOA and we were able to show circumstances that allowed us to Short-Sale. I received a letter a few months ago forgiving me of all debt owed to BOA. Basically because of a decision I made at the height of the market which I made correctly when I was approved for 500,000 but bought within my means at 245,000. Now I'm paying the price for something beyond my control. Is there anyway to secure another loan under these circumstances? I am a Active Duty Soldier and have already received the letter of eligibility from the VA. My wife has excellent credit but does not make a 1/4 of what I do. Any help would be appreciated! by lavend_808_470 from Brockton, Massachusetts. Aug 31st 2011 Reply


Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions

I just went through this situation with a couple of customers. The requirements for an FHA loan is 3 yrs from the date of the finalization of the short sale and 4 yrs for conforming Fannie/Freddie loan.I'm not aware of any special requirements for VA loans, although I'm thinking that because it would also be a Government loan then the same parameters would apply such as the FHA loans. Nancy J Releford

Aug 31st 2011
0
0
Subscribe to our news feed.