Profile picture for user4343354

Refinance home with shortsale on record

Over a year ago i did a short sale on my investment property and it is showing up on my records as KD - paid  but less than amount owes. I am trying to refinance my house to get a better rate. My loan is about $450k and my house is worth almost $800k and my credit score is 769,  what is my best option?
  • May 20 2013 - Los Angeles
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

There are several loan programs that you can choose from. It is best to work with a professional so you  can have your best choice. Check each loan requirements to know if you qualify for such.
  • August 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Brandon's post is correct. That is the first step anyways. 

If your home/loan is HARP eligible the short sale may be able to be ignored. 

If not Fannie/Freddie guidelines state you have to wait at least 24 months after a short sale, and have 20% equity, to be able to qualify for a conforming mortgage. Sounds like you have the equity and the credit part, no problem. So it would be an issue of the 2 year wait from the date of the short sale (and other qualifications, such as income).

Let us know when you find out if your home is HARP eligible or reach out if you would like one of us to do the research for you. 

Sincerely,
Greg

P.S. Do you know the close of escrow date of your short sale?
  • May 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Here is a link to help to see if you're HARP eligible.
http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

I hope this helps.
  • May 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user4343354
No, i have not tried refinancing. I spoke to one lender and they said i wont be able to do it. 
Are you HARP eligible on your current primary residence? How can i find out.
  • May 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Have you tried to refinance already and been turned down?

Are you HARP eligible on your current primary residence?

You may be able to refinance now, if your current home/mortgage is HARP eligible it shouldn't be an issue, or you may have to wait until two years have passed, depending on the specifics of your scenario. Worst case it sounds like that is not too far away as it was over a year ago that you had to short sale your investment property.

I know that doesn't answer your question entirely but the real answer is we need more details to tell you where you stand. Please feel free to contact me any time of you would like to go over the specifics off the forum. 

Sincerely,
Greg Cowart

Senior Mortgage Planner - 17 Years Experience
Partners Mortgage
  • May 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.