Waiting Period After Foreclosure Of Time Share Property

Waiting Period After Foreclosure Of Time Share Property

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Waiting Period After Foreclosure Of Time Share Property Was UPDATED On January 7th, 2019

Time Shares were extremely popular prior to the 2008 Real Estate and Market Collapse.

  • Many consumers were suckered into buying time shares
  • However, many time shares turned out to be flops and many time share buyers had buyers remorse
  • With the combination of the Great Recession and buyers remorse, time share owners ended up foreclosing on their time shares
  • Many time share owners ended up getting foreclosed
  • Like regular home foreclosures, time share companies took their time in foreclosing on the time share properties
  • The good news is that under HUD Guidelines, time shares are not considered real estate properties
  • Time shares loans are considered installment loans and not mortgages
  • There is NO WAITING PERIOD AFTER FORECLOSURE OF TIME SHARE PROPERTY

In this article, we will cover and discuss the rules on time share foreclosures to qualify for a mortgage.

There Is No Waiting Period After Foreclosure Of Time Share Property

Under HUD Guidelines, there are mandatory waiting period requirements to qualify for FHA Loans after the following:

  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Foreclosure
  • Deed In Lieu Of Foreclosure
  • Short Sale

However, there is no waiting period after foreclosure of time share property.

Waiting Period After Bankruptcy To Qualify For FHA Loans

There is a mandatory waiting period after a Chapter 7 Bankruptcy discharged date. The waiting period of 2 years from the date of the Chapter 7 Bankruptcy discharge date in order for a mortgage loan borrower to qualify for an FHA loan on a residential one to four-unit property.

Most lenders want to see automated approval via Fannie Mae’s Automated Underwriting System in order to proceed with the mortgage underwriting process.

Waiting Period After Foreclosure, Deed In Lieu Of Foreclosure, Short Sale

There is a mandatory waiting period of three years after the recorded date of the foreclosure, deed in lieu of foreclosure, or short sale in order to qualify for FHA Loans.

NON-QM Loans are used as a temporary bridge loan until the borrower meets traditional mortgage lending guidelines.

Waiting Period After Foreclosure, Deed In Lieu Of Foreclosure, Short Sale On Time Share

What is the waiting period after the acquisition, an act in exchange for the acquisition

Time shares used to be extremely popular and many Americans have had foreclosures and/or deed in lieu of foreclosure on their time shares.

  • FHA and Fannie Mae do not consider foreclosures and/or deed in lieu of foreclosures as regular foreclosures and waiting periods after a foreclosure, deed in lieu of foreclosures, or short sales
  • Waiting periods do not apply for time shares
  • Anyone with a prior foreclosure, deed in lieu of foreclosures, or short sales can qualify for FHA as well as conventional loans

Many lenders still consider time share foreclosures as real estate foreclosures. Home Buyers who have previous time share foreclosures and need to qualify for FHA Loans, please contact us at Gustan Cho Associates Mortgage Group at 1-800-900-8569 or text us for faster response. We are available 7 days a week, evenings, weekends, and holidays via phone or email us at gcho@gustancho.com.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *