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!
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.
If you like what you’ve read here, then please subscribe to our full RSS Feed where you will be kept informed about many important changes within the Tampa Bay real estate market. Or feel free to request updates via e-mail.
Equal Housing Opportunity. Equal Opportunity Employer.
Copyright © 2012 Mid Florida MLS. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Mid Florida MLS. Real estate listings held by brokerage firms other than Suncoast Partners @ RE/MAX ELITE Realty are marked with the IDX logo and detailed information about them includes the name of the listing broker. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information last updated on 2/8/12 10:31 PM PST.
July 08, 2008 at 2:52 am, Tara Jacobsen said:
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!
July 08, 2008 at 4:22 am, Julia Fishel said:
And thanks to you Tara and http://www.MarketingArtfully.com for spreading the word!