(Check out the Visual Show of Josh’s new house HERE!)
WHAT’S EVEN BETTER THAT IF YOU ARE CURRENT AND HAVE NO LATE PAYMENTS, FHA WILL LOAN YOU MONEY THE DAY YOU CLOSE ESCROW ON YOUR SHORT SALE FOR A NEW HOME!
- The misconception is due in large part to many servicers over the last couple of years telling borrowers if they wanted to do a loan modification or short sale, to have their file looked at, they had to be delinquent. NOT TRUE ANYMORE for most servicers/investors.
- Depending on someone’s financial situation; they may not even have to contribute to the banks loss. Some cases yes.
- Josh’s FICO score was barely impacted at all by his short sale and before he closed, the underwriter for his new loan received his approval letter and approved him for the new loan because the approval letter he had was with “FULL FOREGIVENESS LANGUAGE” of his unpaid debt.
- Josh closed 2 weeks ago and had let the previous homeowners rent for a couple of weeks, so he actually walked in the door to a check waiting for him.
Josh’s story is one of true success. He retained his great credit; got out from under a home that was UPSIDE DOWN; took advantage of today’s great prices and rates (4.5% interest fixed for 30yrs). So he ended up with a larger home with a pool closer into town for LESS than what his old mortgage payment was.
IF YOU KNOW SOMEONE INTERESTED IN DOING THE SAME THING- PLEASE SHARE THIS SUCCESS STORY WITH THEM AND ASK THEM TO CLICK HERE TO GET STARTED WITH THE PROCESS. INTEGRITY ALL STAR REALTY WILL HAPPILY HELP THEM TOO!!!
Of course if you are late on your mortgage payment, you can still do a Short Sale and buy a home again; but it’s a minimum of 2-3 yr waiting period at this time and lending guidelines are constantly changing. (If staying current is an option still, call us right away at 480-243-4242 or click the link above to get started in case FHA changes their guidelines down the road.)