Posted on: 24th Feb, 2011 06:40 am
I am in the process of completing a short sale on a home. I owe 158,000 and the house is going to sell for 115,000. My wife has never owned a home and was not on the mortgage of the home up for sale now (purchased before marriage). Will I be able to cosign with her on a new home or will the short sale affect me being on a mortage?
the shortsale will affect your ability to co-sign.
you may be able to go on title. I would ask your lender
you may be able to go on title. I would ask your lender
Thank you for your reply. I found an article that stated with an FHA short sale situation, as long as I have kept up on my payments throughout the short sale process that I may still be able to qualify for another mortgage. Ever heard of that?
Well i have read out some where that if you try to sell out an house in a short sale you may be forgive the rest of the loss. In some cases may have to sign a note to some of the missing. And I still owe a decision be placed your home goes to foreclosure. A security for a work permit and most likely clean and keep a foreclosure you will lose your job..
FHA has defined two situations regarding a short sale of a property and when one may be on another mortgage and buy another property. FHA published these guidelines in Mortgageee letter 2009-52 dated Decenber 16, 2009:
1. Current on mortgage and other installments at the time of the short sale (no late payments in last 12 months), AND
the proceeds of the short sale serve as payment in full
Could do another mortgage right away.
Not applicable if short sale simply to take advantage of declining market conditions AND buy another house at a reduced price similar or superior to short sold property within a reasonable cpommuting distance.
2. If in default at time of short sale, must wait 3 years from sale date. Lenders may make exceptions in cretain circumstances (death of primary wage earner, long term uninsured illness, etc)
1. Current on mortgage and other installments at the time of the short sale (no late payments in last 12 months), AND
the proceeds of the short sale serve as payment in full
Could do another mortgage right away.
Not applicable if short sale simply to take advantage of declining market conditions AND buy another house at a reduced price similar or superior to short sold property within a reasonable cpommuting distance.
2. If in default at time of short sale, must wait 3 years from sale date. Lenders may make exceptions in cretain circumstances (death of primary wage earner, long term uninsured illness, etc)
