FHA just released mortgagee letter 09-52, which lays out the guidelines under which borrowers who have previously completed a short sale of a property can qualify for a new mortgage using FHA financing. Read the rest of this entry »

In a previous article, we discussed options to get a mortgage for buyers who had recently completed a short sale; those options don’t apply to all such buyers, but a savvy agent can still help those other buyers purchase a home via a lease-purchase contract. Read the rest of this entry »

Although the availability of new mortgages to borrowers who have previously had mortgage debt forgiven in a short sale has become limited in the last year, options are still available, especially if they did not go delinquent on their old mortgages before the short sale. Read the rest of this entry »

Buyer Agents: tired of getting frustrated when dealing with short sales for your clients? Here are some good tips from NAR, as well as information on how to get the Ethical Homes Short Sale Checklist (for making sure that you’re not wasting your time on a short sale with no chance of closing) and the Ethical Homes Bank-Influenced Property Disclosure (for making sure that your clients know what they’re getting themselves into when they start looking at short sale and post-foreclosure properties). Read the rest of this entry »