Comment

Comment by Ben Benita on March 15, 2010 at 6:17am

taxes -- only forgiven under that act if the cash taken out was for VERIFIABLE home improvements...cash taken out for Vegas or that new mercedes is excluded. Also, if ANY client has a 1099 issue, have their accountant obtain and subsequently file IRS Form 928....it is an insolvency form that shows the Seller can not afford to pay.

Comment by Anna Mackey SDHS on March 14, 2010 at 7:20pm

Armi, I have an old one from last year, email me if you want it :-)

Comment by Victoria Frieberg on March 14, 2010 at 2:09am

Thank you! I have seen this both ways. One of my Wells Fargo Loan officers had told me if they client had not other lates, and if they did not short sale a Wells Fargo home the first time, they would do the loan..this clarifies it even better!

Comment by Bob Wienk on March 13, 2010 at 4:14pm

See the attached new rules from FHA.

New FHA rules on buying after a short sale.pdf

Comment by Ben Benita on March 13, 2010 at 4:04pm

Dawn, do you have the name of any lender that offers FHA with a short sale within the past 2 years? I was told no FHA with any short sale in the past 24 months, irregardless of payments missed. Thanks for the info......please send it to me at [email protected]

Comment by Kynse L. Agles CDPE on March 13, 2010 at 2:37pm

They reported a 90 day late payment (no payments were made in almost 3 years) and a paid in full.

Comment by Ben Benita on March 13, 2010 at 11:14am

it has been my expereicen that credit reports vary GREATLY!!! SOme lenders never report anything adverse, others hit the Seller after 1 missed payment. Generally speaking the late's will not kill you, but, having a foreclosure, short sale, or bankruptcy in the past 2 years will make you ineleigble for an FHA loan currently. BEST way we have found to get your score back up ASAP, obtain a secured credit (finding a bank to do this is surprisingly VERY hard to do)!!!!

Comment by Amy Cole on March 13, 2010 at 10:58am

Regarding Kynse's success with her client's credit report notations after SS...Has anyone else seen this in any of their cases? If so did you have to negotiate for it ? I am hoping to negotiate for this very same thing and would appreciate hearing any comments positive or negative about this ! Thanks ! By the way : I love this website!!

Comment by Kent Dills on March 8, 2010 at 1:42pm

Terri, yes - you still need to fill out the Wells Fargo addenda. Just fill everything out addressed to ASC/Wells Fargo. Kills two birds with one stone.

Comment by Kynse L. Agles CDPE on March 8, 2010 at 11:36am

Thanks!!!

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