Short Sale Realtors Serving: Macomb ■ Oakland ■ Lapeer ■ St Clair ■ Wayne ■ Genesee Counties
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||
When can I get a loan thru a bank if I had a short sale or foreclosure?
Right now if you had a foreclosure it is 3 years from the discharge of that foreclosure.
If you had a foreclosure in a bankruptcy, it is 3 years from the sheriff’s sale.
If you do a Short Sale it is 3 years from the discharge date.
But this is a grey area, it depends on how your lender reports this to the credit bureaus.
For all tense and purposes it is 3 years from a short sale or foreclosure until you can get bank financing.
However there is another option. You can get seller financing immediately…. even if your home is in foreclosure right now.
Seller financing or as it is more commonly called here in Michigan “Land Contract” is a great option for homeowners facing foreclosure.
Now before you just go out and buy a land contract, there are many things you need to know about them.
Not all homes are good candidates for this type of financing.
If the
home has a loan on it and the seller stops making payments.
That home will go into foreclosure. You will be right back to where you are now.
Call me
if you’d like to learn the ins and outs of land contracts and how to
protect yourself.
Best of all, my services are free to you.
If you have any questions about short sales call or email us.
And be sure to call Jerry Smith and Brian LaDue if you would like to short sale your home.
We are
“Your Michigan Short Sale Specialists”
Contact Us Anytime:
Brian LaDue
Short Sale Specialist
(248) 787-8644
shortsale@walkawaydebtfree.com
