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Short Sale Due to Divorce Prevents Buying Another House?

I have never made a late mortgage payment on my primary residence, and only have one late payment on one credit card that was over three years ago. My salary is in the top 10% and I have little debt other than my primary residence. Many years ago, my ex and I separated, I bought him a house to live in another state, title and mortgage in my name only.   In the divorce, ex was awarded the house, and ordered to either sell or refi. He died before doing either. It was months to determine if  I had legal title to the house (I did) and I  put it up on the market. House finally sold at a short sale July 2013.
I want to move out of my primary residence but was told by the realtor I  cannot buy for at least 2 years with 20% down, or 4 years with 10% down.  My husband is retired, he cannot qualify for a mortgage without including my salary, and we were told as soon as my name is on the application, it will be rejected due to the short  sale, there was absolutely no way to buy a house before the two years is up.
I realize this is true when the short sale is a primary residence, but in my case, it was an investment property that was returned to me under very unusual circumstances due to no fault of my own. Can it be true this can stop me or my husband from getting a loan?

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October 08 2013 - Dallas
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Answers (12)

Your realtor is wrong.
That residence awarded to ex husband(and short sold) isn't keeping you from getting a loan..... If you are getting denied, the loan officer doesn't know what they are doing.... or you have something else preventing you from borrowing.
The described issue is not preventing you from buying.

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October 10 2013
Your scenario is a text book example of who can be helped. Under these circumstances, your loan approval is a piece of cake. If you haven't found a lender already or you feel you're being stung along please don't hesitate to contact me direct.  I have helped hundreds of borrowers purchase after a short sale and I am in DFW.

Best of Luck!
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October 10 2013
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Thx to everyone who send me lenders to speak to. The realtor knew what he was talking about, this is accurate. thx
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October 10 2013
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Thx to everyone who referred me to some lenders. This realtor knew what he was talking about, the info is correct.
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October 10 2013
Hi,

[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Craig Bosse
Mission Hills Mortgage
[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
NMLS 1019442
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October 09 2013
There are lenders like myself that accept situations such as divorce for a loan. We offer loan products that can fit your situation, especially since it is unique. FHA loans allow loans to be give to people who have experienced income reduction circumstances such as divorce. The best thing for you to do is to contact a lender like myself who would be glad to speak with you to help you get the loan that you need.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
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October 09 2013
If the mortgage was current at time of sale, you can buy right away with FHA..... 3.5% down

Let me know if you have any follow up questions
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October 08 2013
Questions: Was mortgage in arrears prior to short sale? How much can you put down on a property, and what would sales price be?
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October 08 2013
Contact any lender of your choice for real hard answers.
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October 08 2013
Very complicated question that should be answered by a qualified lender. I have names of people that can help, let me know if you want their information.
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October 08 2013
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I would suggest using a lender for eligibility advice, and not an agent.
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October 08 2013
There are normally exceptions to most eligibility or penalty rules for purchase / loan origination / loan payoff programs, for special circumstances such as yours and others.

If your Realtor's answer doesn't make sense, or even if it does, I'd recommend a second opinion - best from the agency involved - not second hand information which may not be accurate or reliable.
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October 08 2013
 
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