You will need to wait 3 years from the date your property was sold at auction. This will be public record, so any title company can pull up this information and give to us at Marketplace Home Mortgage. However, it may not be as difficult as you think to get a mortgage after foreclosure.
If for some reason you want to buy a home way before that 3 year anniversary, and have at least 35-40% to put down on a home, I would suggest a private money or hard money loan. This is a short term loan of 5 years, however, it would give your foreclosure time to season, and you would be able to refinance into a better loan.
Getting a Mortgage Loan After a Short Sale
The rules have changed on this. Many people will tell you 3 years. Not true. How long then? 1 day. Hahah. You must be kidding. No. Really, however, there are some moving parts here that you need to pay attention to if you are considering short selling your home.
- You cannot go 30 days late
- You cannot sell the home to take advantage of declining market conditions
- purchase, at a reduced price, a similar or superior property within a reasonable commuting distance
- The proceeds of the short sale serve as payment in full to a previous lender, and they release you of any shortfall
For a detailed analysis of your current situation with regards to getting a mortgage after foreclosure or a short sale, please fill in some basic information below, and we will get back with you shortly.
Hello, my name is Brian Quigley and I have been in the Denver mortgage industry since 2003. I have been fortunate enough to choose this very rewarding mortgage broker career and help thousands of borrowers over the years. Customer satisfaction is important to me most, and getting my clients to the closing table smoothly. Read More…