May 30, 2009

Not Really

Filed under: Mortgage,Short Sale

We just completed a short sale after almost going into foreclosure.  We have not recieved our letter yet from the bank saying the loan is satisfied yet because we just closed two weeks ago.  My grandfather is giving us property that is worth about $30,000.  All the information I have read says that you cannot get another mortgage until 2 years after the short sale.  But what if you own property that is worth $30,000 and you want to build a house.  Does this make it any easier?

Kim

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