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Lending after Foreclosure/Short sale?

I own my home ($700k) free and clear. I want to purchase a 2nd home (for secundary residence close to work) for $400k, $100k down wat $300k loan, ether as home equity line on my $700k home or as new mortgage on new purchase. I have no other outstanding debt. However do out of my investment properties gone south a foreclosure and recent short sale. Is there any one out there, or know of any one who will lend anyhow? As the mainstream banks will not due to current credit report which is at 600+.
  • November 27 2012 - US
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Answers (2)

When was the foreclosure and the short sale?
  • January 17 2013
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Profile picture for StuartSantana
A hard money lender usually does not care about foreclosures, etc, as long as you have enough capital to make them feel safe about the loan...

They have pretty high rates, though.  I don't think any FHA/conventional lender out there will finance you with a recent foreclosure/short-sale on your credit.  With FHA you have to wait 2 years I think, and that is/was the fastest loan product you could rebuy with last I heard.

Best wishes from So-Cal and good luck
  • November 27 2012
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