FHA Mortgages 2 year wait time after Chapter 71 year wait time after Chapter 13 Bankruptcy. You must have made 12 payments on time to the trustee and must have trustee and judge approval to purchase another home.3 year wait time after foreclosure.3 year wait time after short sale if there were any mortgage late payments in the 12...Read More

What is a Deficiency and Why Should I Be Worried? A deficiency balance is the difference between what you owe and what your house is worth or would sell for today if you were to short sale or foreclose. The sale would not net enough money to pay off the debt. You would still be responsible for...Read More

A short sale is the sale of property for less than the outstanding loan obligations on the property. By short selling, the homeowner can avoid foreclosure. A short sale allows the homeowner to sell their property for the current market value. Short selling can offer a homeowner financial relief during a hardship such as a […]Read More

A short sale is a result of a homeowner’s home value being less than the mortgage balance and not being able to bring their mortgage current.  The homeowner may have borrowed too much for the property, or the market dropped, causing the property’s fair market value to be less than the existing mortgage balance. Usually, […]Read More

There are several reasons to consider a short sale rather than modifying a loan or allowing your home to be foreclosed upon. A homeowner can get out from under crushing mortgage debt, experience lesser damage to their credit score, and qualify to buy a home within two years of the short sale.  From the lender’s […]Read More