My client does not want to stop making her payments (strategic SS) I believe.
Has anybody out there completed a similar situation with BoA
HUD sayes if a person pays their payment up to the close of the SS they may purchase another property right away. Any banks working theses loans,
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Better yet!!!
Go to a CREDIT UNION. They hold their paper, are community oriented and understand the local market. They often can fund a buyer who has performed a short sale and their underwriting committee is not interested in selling their paper to FANNIE OR FREDDIE! As Wendy says, it really depends on what their scenario was on a case by case basis.
Barry - Many short sales are approved while the homeowner is current. It depends on who the investor is on the loan. There are a few that do not allow that scenario, but many who do. Find out who the investor is. You are correct, there are mortgage programs, like Fannie Mae backed, that allow an immediate purchase after short sale, depending on the terms of the short sale.