A deficiency balance is the difference between what you owe and what your house is worth or would sell for today if you were to short sale or foreclose. The sale would not net enough money to pay off the debt. You would still be responsible for paying the full balance of the loan. The …
Buying a home After a Short Sale
FHA Mortgages 2 year wait time after Chapter 7 1 year wait time after Chapter 13 Bankruptcy. You must have made 12 payments on time to the trustee and must have trustee and judge approval to purchase another home. 3 year wait time after foreclosure. 3 year wait time after short sale if there were …
What is a Short Sale?
A short sale occurs when a homeowner sells their home for less than the balance of the amount owed on the property. Typically, the homeowner cannot afford to repay the full balance of the mortgage or mortgages, and we attempt to negotiate with the homeowner’s lender or lenders to release the lien or liens, and …