By Jennifer Srock

In order to do a short sale successfully, you must have some sort of hardship for not being able to fulfill your mortgage obligation. Most common hardships are not able to make your current payments or having to relocate.

Your Mortgage company will be taking all sorts of financials from you, very similar to the documentation needed when qualifying to buy a home. You may want to contact your mortgage company to see if they think you have a good chance to qualify before you go through their daunting short sale process. They may even have an online questionnaire to help you determine the possibility.

You may also want to talk to your current mortgage company about a loan modification instead. It used to be you needed a hardship for that as well but some banks are doing them now and it usually only takes a brief over the phone questionnaire to find out if you’d be eligible.

As of now, the 2 year limit you may have heard about is partly true. The minimum 2 years to wait to buy a home with a mortgage after a short sale is only if you have a minimum 20% down payment as well. It will also depend on your personal situation at the time when qualifying with the lender you’ll use to buy.

Email Jennifer@Srock.net to request more information to help you decide if doing a short sale is right for you. I will send you typical short sale rules in order to apply for traditional or FHA mortgage after a short sale.  I can also refer you to an excellent Arizona lender if you have more loan questions.