“Mortgages Available 1 Day after a Foreclosure or Short Sale”

“Mortgages Available 1 Day after a Foreclosure or Short Sale”






Good Afternoon Joe,


I was given your name from Wendy XXXX.

I went through a short sale of my house in 11/2017 (that is when it closed). We tried to get rid of the house for many years and no luck, so it ended in a short sale. I was under the impression I would need to wait 3 years from 11/2017 to even think about buying another house. So here my husband and I are into a rental property. When I saw Wendy this weekend, she wanted to let us know that you got her pre-qualified for a mortgage even with her foreclosure that happened in April 2018.

So a little about my situation. Only I was on my mortgage on my property that ended in a short sale. It was a USDA loan in which I bought the house in 2009. So it was just about 8 years I had under my belt. But it was an awful town to raise our child in. Now we are in a much better town that we love so much. My husband has tried to get a bank to look at him for a mortgage, but they all tell him he doesn't make enough money. I have a great job up at UConn and been here just over 14 years.

I just want to seek your advice. To see if this "3 year waiting period" exists or what the deal is. We are currently in our rental agreement until June 2019 (this will be our second year here). Hope to hear from you soon,




So many people are being told that you must wait 3 years before you can get another mortgage and that is NOT TRUE at all. The Dodd-Frank Act made the ability to obtain a mortgage after a foreclosure or short sale very restrictive, but not anymore.


There is an entirely new segment of the mortgage market place called “Non QM” mortgages. As I’m sure you can understand, lenders will view this lending as riskier and to offset that risk, the rates will be higher along with the down payment.


I recommend that anyone doing a Non-QM loan at a higher rate refinance as quickly as possible to lower the monthly payment.


The Non QM market place is the fastest growing segment of the current mortgage market.


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 3 commentsJoe Petrowsky • August 20 2018 02:00PM
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