As a Certified Distressed Property Expert (CDPE) and a Realtor in the South Florida housing market, I have come across many distressed home situations recently. Representing both sellers and buyers in the distressed property market is one of my specialities.
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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