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HAFA shortsale

My Husband was offered a GREAT job in FL which required us to relocate to the area from NC. Our homes value had dropped to nearly half of what we paid for it almost 5 yrs ago. Our only real option was to short sale. Our Lender approved us for a HAFA short sale. In order for us to go through the short sale they told us we had to stop making our mtg payments. We did, sold our home in 3 weeks to a cash buyer for more than they wanted. Even after all of that we have good credit, my Husband makes good money and we want to buy something else. We've had some lenders tell us that they think the mtg laws will be changing on how long you have to wait after a short sale to buy another home. Anyone have any insight to that AND what is the current wait time? I've seen 2 yrs and I've seen 3 yrs.  THANK YOU!
  • February 02 2012 - Florida Center North
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Answers (2)

Two years with otherwise good credit is what we're seeing now.  Plus in your circumstance where you relocated due to work, the lenders are likely to take that into consideration.
  • February 02 2012
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Profile picture for Ofe Polack
The short sale arena is in total state of flux, it could change anytime.  Keep contacting a trusted lender and have all the douments from your short sale handy 
  • February 02 2012
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