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A loan officer told my client that if they stay current on their mortgage payments during the short sale, they can get a new mortgage and buy again right away. Can this actually work?
As with most short sale related questions, the answer is “it depends.” Some mortgage investors such as HUD (FHA or VA loans) require that the homeowner has a financial hardship and is in default before they will approve a short sale to close. Some investors, such as Fannie Mae and Freddie Mac have requirements that the seller is either already in default or that the seller’s financial situation proves that default is “imminent.” Most people without financial hardship cannot prove that default is imminent and cannot be considered for short sale unless they are in default on their mortgage payments. Default requirements are case by case based on your specific mortgage investor guidelines and requirements.
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Markve & Zweifel lawyers and attorneys practice in the area of short sale negotiation for the Minneapolis, St. Paul, Maple Grove areas including Bloomington, Brooklyn Park, Anoka, Brainerd, Fridley, Eagan, Shakopee and surrounding areas in Minnesota. This includes short sales in Wisconsin from Hudson to Milwaukee overseen by our attorney licensed in Wisconsin.
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