Sailing Realty, Corp.
" What a great job, a smooth short
sale in 3 month,”
The Sagarzazu family
Carlos & Chichi
SHORT SALE                                          
Learn more of  Short Sales:
Go to :
Fannie Mae Guidelines For Short
Buying after a short sale?

The wait just got longer

FORT LAUDERDALE, Fla. – Nov. 26, 2014 –

Question: We completed a short sale about two years ago. We have been
renting and saving our money to buy a new home after the two-year waiting
period imposed by Fannie Mae. When we applied for our new loan, we were
told that now we have to wait another two years. We are very upset and feel
we were lied to during the short sale. What gives? – Al

Answer: The large majority of lenders follow Fannie Mae guidelines when
qualifying potential borrowers for new loans. When you closed on your short
sale, you were given valid information that under the right conditions you
could get a new loan two years after completing the deal.

Unfortunately, a couple of months ago Fannie Mae changed its guidelines so
that there now is a four-year exclusion period before a buyer can qualify for a
loan after a short sale. The guidelines do provide for a two-year period under
extenuating circumstances, which are a sudden, drastic and prolonged drop in
income that left the borrower with no other reasonable option but to default on
the mortgage. In reality, it is extremely difficult to get this exception.

The good news is, not all lenders follow the Fannie Mae guidelines. Credit
unions and community banks often will look past your credit score and other
arbitrary criteria and evaluate your overall situation. They'll take into account
factors such as income, savings, job history and whether the short sale was
an isolated event or caused by circumstances outside of your control. In all
likelihood, you will need to apply at multiple lenders and jump through hoops,
but I have seen many borrowers get mortgages this way.

About the writer: Gary M. Singer is a Florida attorney and board-certified as
an expert in real estate law by the Florida Bar. He is the chairperson of the
Real Estate Section of the Broward County Bar Association and is an adjunct
professor for the Nova Southeastern University Paralegal Studies program.
The information and materials in this column are provided for general
informational purposes only and are not intended to be legal advice.

No attorney-client relationship is formed. Nothing in this column is intended to
substitute for the advice of an attorney, especially an attorney licensed in your

Copyright © 2014 Sun Sentinel, Gary M. Singer. Distributed by Tribune
Content Agency, LLC