If you live in Washtenaw County, Ann Arbor Area, here are some new rules concerning buying a home if you have been subject to selling your home as a short sale.
Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to:
• take advantage of declining market conditions, and
• purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.
Borrowers are considered eligible for a new FHA-insured mortgage if :
• they were current on their mortgage and other installment debts at the
time of the short sale of their previously owned property, and
• the proceeds from the short sale serve as payment in full.
Borrowers in default on their mortgage at the time of the short sale (or pre-
foreclosure sale) are not eligible for a new FHA-insured mortgage for three
years from the date of the pre-foreclosure sale. Lenders may make exceptions
to this rule under certain circumstances.
If you have lost your job, transferred for job opportunities, or have a medical condition DO NOT WAIT to call a Realtor before you are late on your payments. There are more opportunities available if you deal with the situation up front.
Call me for a confidential discussion.
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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
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Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com
Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
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Stay strong, stay faithful, stay honest, stay loving, stay true to who you are, most importantly stay true to who God is as you'll be who you are, and you'll be happy, you'll be you, you'll be free. -Jamie Caulk
