Direct from our Coldwell Banker Home Loans rep, credit requirements for borrowers that have Bankruptcy, Foreclosure, Deed In Lieu of Foreclosure, and Short Sale at a glance:
Chapter 13 Bankruptcy:
- 2 years from the discharge date or 4 years from the dismissal date.
Bankruptcy (all except chapter 13):
- 4 years from either the discharge or the dismissal date of the bankruptcy action.
Multiple Bankruptcy Filings:
- 5 years from the most recent dismissal or discharge date is required for borrowers with more than one bankruptcy filing within the past 7 years.
Foreclosure:
- 5 years from the completion date.
Additional requirements that apply after 5 years up to 7 years following the completion date:
- Purchases must be a primary residence with a minimum 20% down payment (in the State of Florida) and a minimum 680 representative credit score. Purchase of a second home or investment property is not permitted.
- Limited cash-out refinances are permitted for all occupancy types (roll in closings costs with refinance to lower payment or rate).
- Cash out refinances are not permitted for any occupancy type.
Deed-in-Lieu of Foreclosure:
- 4 years from the completion date (date deed-in-lieu executed).
Additional requirements that apply after 4 years up to 7 years following the completion date:
- Borrower may purchase a primary residence, second home or investment property with 20% down payment (in the State of Florida).
- Limited cash-out and cash-out transactions secured by a primary residence, second home or investment property are permitted pursuant to the eligibility requirements in effect at the time.
Time period after Pre-Foreclosure Sale (Short Sale):
- 2 years from completion date.
Contact Kari A. Battaglia, PA GRI SRES® , licensed REALTOR® in Venice Florida at 941-270-1851 to list your home, answer general questions or to help you search for homes for sale in Venice Florida. I currently serve customers in Venice Florida, Englewood Florida, Nokomis Florida, South Venice, Laurel, Osprey and Casey Key and Manasota Key communities. As a private landowner, I also have Tennessee properties available in the Chattanooga area. Call or email me to receive a list of Tennessee properties available for sale.
Contact me by email at Kari@DiscoverVeniceRealEstate.com. Need information fast, call me direct at 941-270-1851. Copyright©2009. By Kari A. Battaglia PA. All Rights Reserved.
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Serving customers in Venice Florida, South Venice, Osprey, Nokomis Florida, Casey Key, Manasota Key, Englewood Florida, Rotonda West and North Port communities. Call me to list your home for sale, answer questions regarding steps you can take to AVOID FORECLOSURE or answer any general questions you may have about real estate.
Contact me by email at Kari@KariBattaglia.com. Need information fast, call me direct at 941-270-1851. Copyright©2011 by Kari A. Battaglia. All Rights Reserved.
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From the desk of David Dee,
Kari, this proves that shortsales is more beneficial to homeowners.