When can I buy a home again?

The question comes up often: How long until I can purchase a home after a short sale? or foreclosure? or what about bankruptcy? Mark Chmura with Pinnacle Capital Mortgage sent the great chart below. (Click on link below picture for full document.)

Timeframe for purchase after Short sale, foreclosure and bankruptcy







Basic timelines for buying a home after short sale, foreclosure and bankruptcy

For lender related questions contact

Mark Chmura 602-418-3213 or email: mchmura@minerkennedy.com



The First Step – Short Sale, Foreclosure, Refinance??? What is your best option???

“My neighbor refinanced and has  such a small payment and was able to keep their home”… “Well my neighbor walked away now that house has been sitting vacant for 9 months and the yard is awful.”

As an REALTOR® in Phoenix Arizona I have heard the conversations. Even in my cul-de-sac sits a vacant home that is bank owned but has not been listed and the yard and termites have really become an eye sore. I can advise as a real estate agent the value of a home and guide clients, friends and family to the right sources to start the process of moving forward. Each situation is so different. Maybe you took a second out and used as cash or never refinanced and still have one loan but it is with a private lender. There is NO general right answer to what you should do. There are first steps to get to the best option if you are exploring a Short Sale, foreclosure or refinancing.

The first step is to know who actually owns your loan. Here is a link to look your loan up:


Now what do I do????

If you have a Fannie or Freddie loan there are government programs that you might be eligible for. At this point I would call your mortgage person /company and ask what options they suggest. If your loan is not with Fannie or Freddie still call your mortgage person/company and ask what they will do.  Many lenders will agree to a short sale if the seller contributes something. What is the magic number it varies on each case. For example a bank could accept a contract at full market value of $500K and the seller to contribute $10K.

The other sides to a short sale involve  anti deficiency statues that should be discussed with an Real Estate Attorney and also the tax consequences that should be discussed with your CPA /Tax Professional. I require my clients to have in writing that they have consulted with both and if they have one a financial advisor. After you understand the options and consequences then we can establish the market value start the short sale process.

If you would like a complimentary General Market Value for you home in the Phoenix and surrounding areas email your name and address to Veronica@peggyrauch.com