Purchasing after a Short Sale
Is it two years or three years that a person can purchase a home after they sold their home on a short sale?
Comment
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Comment by Albert Marin on September 16, 2010 at 9:39am
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A Wells Fargo Rep was in our office meeting this morning. I asked him and his head wrinkled and said 4 years. I told him the loan was going throught the CalPers and he is going to check into it and email me later.
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Comment by Jennifer McNitt on September 15, 2010 at 5:53pm
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If there is a deficiency, how long is the wait period?
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In this case they were behind on their payments and it is over two years. They have re-established their credit. A loan officer from Wells Fargo said they have to wait 3 years. They are using the CalPERS.
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Comment by Wendy Rulnick on September 15, 2010 at 10:03am
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Albert - It depends on their overall credit picture. They can immediately buy if it's Fannie Mae, minimal lates in past year, and there was no deficiency or prom note. Of course, they might have changed that policy.
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