June 6, 2009

Chapter 7, Short Sale, & Another Mortgage

Filed under: Mortgage,Short Sale

I am sell my house with a short sale, I have a discharged chapter 7 from 2004 and the mortgages on the property show discharged, zero balance on the credit report as of 2004.  How long after the short sale do I need to wait before looking into a new mortgage.  Mortgage companies would not work on a modification on the loan due to discahrge and no reaffirmation agreement.

Steve

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Hello Steve,

Fannie Mae would require a two year wait after the close of the short sale and FHA would require three years.  If the property was foreclosed as opposed to short sold, then Fannie Mae would require a five year wait.

Thanks for the questions and hope this helps.

Paul

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