Monday, April 30, 2012

Can I buy a home after a short sale, or foreclosure?

     What are the rules regarding Foreclosures, Short Sales and Bankruptcy? -    For foreclosures and short sales the minimum time before you can buy a home again is 3 years.   There are a few exceptions one is, if you had a short sale, but remained current throughout, you can get a new home loan in less than 3 years.  There are also extenuating circumstances such as death of primary provider. 
 For bankruptcy (BK) the time period on chapter 7 is 2 years for BK discharge.  If a mortgage is included it will be considered a foreclosure then it is 3 years.   Note. Something we are seeing more is, If you had a second on a property that had foreclosed and the second lien holder did not release you from the debt, it will need to be settled before you can purchase a home.

For more info call me

Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com/

http://www.onlinemortgage-lenders.com/

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http://www.hollistermortgage.com/

http://www.mortgages4california.com/

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