Homeownership after Foreclosure? Yes!
…and it can happen much sooner than you may have been told.
Federal loan guidelines regulate how soon a borrower may purchase after a Foreclosure, Short Sale and/or Bankruptcy. Lenders may use the following time frames when qualifying a buyer wishing to repurchase a home:
* Foreclosure: A borrower may apply 3 years after the foreclosure; if the loss was due to ‘extenuating circumstances’ i.e.. job loss, divorce, medical.
* Short Sale: Homeownership may be possible 2 Years after the sale for the same ‘extenuating circumstances’.
* Bankruptcy: Again, 2 Years for special circumstances.
Many homeowners began losing their homes in 2008, which means that for some, the dream of owning again may be possible this year!
Call me and I can have a qualified and professional loan officer contact any friend or family you feel may be eligible.
Mary Casey, Your Yucaipa Realtor