If you are like many of the people I know that just cant get yourself to stop making payments on your mortgage to begin selling as a Short Sale...then there is an answer...thanks to Larry Bettag Illinois FHA Specialist for writing this post.
Many of you do not want to go through with a Short Sale because you still want to own your own home...well read below You Can Own Your Own Home 3 Months After You Sell as a Short Sale!
It just happened. I spent about 1.5 months getting this guy's ducks in a row. Sounds almost too good to be true. But it is true. You can't do it on a conventional loan. You can, however, do with an FHA mortgage with:
TWO CRITICAL CAVEATS!!!!!
The bank can't be reporting a deficiency and;
The borrower can't have any 30 day lates reporting either.
I feel almost guilty on this, but I've come to learn that we've done a myriad of them at our company this year.
My buyer was denied by two other mortgage companies over the last two months. The other mortgage banks didn't look at the 4155 (or the FHA guidelines). Realtors, this is critical. A buyer still needs to qualify, but if they sell their home in a short sale and meet both of the aforementioned criteria, then....you have another happy buyer!
Loan officers need to have the support. They need to know the guidelines. Buyers do have options.
Goran Utvic, Chicagoland Brokers Inc
Chicago Real Estate Broker
Chicago Real Estate For Sale: