Great News: After a Pinellas Short Sale You’ll be Able To Buy a New Home in Only 2 Years. Don’t Let the Bank Foreclose!
July 5th, 2008 categories: Stop Tampa Bay Foreclosure
As Pinellas Short Sale experts, we are regularly flooded with inquiries from people wanting to know why they should bother doing a short sale. Many have given up hope and seem resigned to the fact that it doesn’t matter a hill of beans if the bank forecloses on their Dunedin home.
We’ve been spreading the word that a foreclosure is much more damaging to your credit report than a short sale or even a Chapter 7 bankruptcy . If you are able to do a short sale and avoid BK altogether, then you’re in a fantastic position to get on with your life. Of course, one should always consult with an attorney and a CPA for advice specific to their situation.
That being said, Fannie Mae in their Announcement 8-16 last week came out with the proof in the pudding.
Effective August 1st, Pinellas homeowners will be able to qualify for new loans only 2 years after a short sale! The waiting period is 4 years after a discharge date on a Chapter 7 bankruptcy. On a foreclosure there’s a whopping 5 to 7 year waiting period, with the added mandate that the person must have a minimum of 10% down and will be permitted no cash-out refinancing.
If you or someone you know is having trouble making their Palm Harbor home payments, please urge them to contact Julia at 727-366-0324 or Matt at 727-366-0325 for a confidential assessment of their situation.
By the way, having a certified short sale company with specially qualified Pinellas real estate professionals managing your short sale is FREE - it costs the homeowner nothing.
There are other ramifications in this bill that will effect investors - more on that soon.
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If you’re looking to buy or sell Real Estate in Pinellas County (Tampa Bay), Florida – Give us a Call today at (727)366-0324 or...Contact Us!
Great post - what an eye-opener for all the people who are considering “just letting it go”. I may seem like the easier thing to do but the ramifications will affect them for YEARS!
And thanks to you Tara and www.MarketingArtfully.com for spreading the word!