Will a Short Sale Ruin Future Eligibility

Tuesday, February 02, 2010

The short sale process can be a huge relief and timesaver if you’re having trouble making those monthly mortgage payments and are facing the very real possibility of becoming the latest Miami Beach real estate foreclosure statistic. Most homeowners who choose the short sale route already know what they’re getting themselves into and what to expect but some questions and concerns do still linger.

You may have been told that by selling Miami Beach real estate via a short sale, you’re essentially “shooting yourself in the foot” as no other bank will be willing to give you a new loan should you decide to purchase a new, less expensive home. You’ll be pleased to know that this is not necessarily true.

As long as you’ve managed to keep up on mortgage payments when the time to short sell comes around, you can in fact obtain mortgage financing for Miami Beach real estate through the Federal Housing Association again provided that all of the guidelines and requirements are satisfied.

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