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Short Sale 1099C Received - When Can They Purchase?

Posted by Maggie D on February 8, 2011 at 2:34pm

Hello. My clients completed a short sale w/ BOA in June 2010. The home had PMI & was an FHA loan.  They received their 1099C last week. They want to know when they can legally purchase a new home w/o worry that someone would come back after them. They're doing a lease to own on a new house from their parents, but for all practical purposes are acting like they own the property. Is now ok to transfer the home into their name or should they wait until 2012 so there's more period between the two? The parents are financing the new mortgage so there's no credit recovery required....

 

Thanks,
Maggie

Tags: Purchase, Sale, Short, after
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Comments

  • Maggie D February 10, 2011 at 11:49am
    Thanks Bryant. Definitely helpful.
  • Bryant Tutas February 9, 2011 at 6:54am
    Maggie. There is nothing legally that would prevent them from purchasing a home. And remember in Florida homesteaded property cannot be seized for debts owed. They should seek legal advice though.
  • Maggie D February 8, 2011 at 2:34pm
    Oh, and they live in FL if that makes a difference.
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