Bankruptcy Foreclosure Short Sales Guidelines

Bankruptcy Foreclosure Short Sales Guidelines

Bankruptcy, Foreclosure and Short Sales  

Fannie Mae:

Chapter 7 or 11: discharged 4 years
Chapter 13: 2 years from discharge date or 4 years from dismissal date
Multiple Bankruptcy filings: 5 years
Foreclosure: 7 years unless extenuating circumstances which is 3 years
Deed in Lieu/ Short Sale: 2 years- 20% down/4 years-10% down                                   
                                     
FHA

Chapter 7- discharged 2 years
Chapter 13- paid for one year, perfect payments, and need permission from the court to buy a home

Foreclosure- 3 years from the completion date
Short Sale- 3 years from the completion date        
(Exceptions if mortgage paid as agreed)
 
VA

Chapter 7: discharged 2 years
Chapter 13: paid for one year, perfect payments, and need permission from the court to buy a home

Foreclosure: 2 years from completion date
Short Sale: case by case (min 2 years)  

USDA

Chapter 7: discharged 3 years
Chapter 13: paid for one year, perfect payments, and need permission from the court to buy a home

Foreclosure: 3 years from the completion date
Short Sale: 3 years from date of the short sale.  


My focus is to best understand the goals and visions of my clients, ensuring all decisions are made with a wealth of information and the necessary tools for a successful, rewarding experience. 

I have found my “Slice of Heaven” I look forward to you finding yours!

KathyDDecker@gmail.com
sellingsarasotarealestate.com
Call Me Today 941-544-7270  


Peggy Fowler | Mortgage Specialist | Equity Resources, Inc.

Author: Kathy Toonder
Phone: 941-544-7270
Dated: September 5th 2014
Views: 1,223
About Kathy: I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s...