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Posted: Tue Nov 29, 2011 4:20 pm Post subject: Short sale madness

I had a short sale in Arizona on 5-3-2010 and have since bought a new home which I own. How long do I have to wait until i can refinance.

adonis · Posted: Tue Nov 29, 2011 6:51 pm Post subject:

Hi Guest,

As far as I know, you need to wait for 2-3 years after a short sale in order to get a mortgage loan/refinance in your name.

sabrinatoss · Posted: Wed Nov 30, 2011 7:21 pm Post subject:

Hello guest,

If the mortgage on your property is foreclosed the bank takes possession and you lose the property. You can't refinance. I have heard that to take on a new loan is possible in as little as two years.

However, if you own another property paid off or in good standing, the foreclosure could affect your ability to refinance that property. I've heard 3 years so 2 years is a plus!

Idea

azloanguy · Joined: 08 Mar 2012 Posts: 3 1.61 Dollars($)

I don't understand how you were able to purchase a new home right after short selling another? The waiting period depends on your loan to value ratio. Here are some examples:

If your LTV is going to be 80% you must wait 2 years
If your LTV is going to be 90% you must wait 4 years
For anything over a 90% LTV you must wait 7 years

That being said, you could re-finance as long as you have no lates, you have lived there for more than a year and and your credit is in good standing. It realy depends on the loan and the lender.

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Short sale madness

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