Am I a "First Time Home Buyer"?

[longislandmike]

Originally Posted by Elke Mariotti

While I'm sure there will be a lot more short sales than currently, I don't agree about NOTHING BUT--simply because not everyone will qualify. "Hardship" is indeed hardship as defined by lenders and that's a lot "harder" than most people think

How will having a Judge, "second guess" the original mortgage agreement, influence, how mortgages are going to be "set out" in the beginning ?

Will there be a "chilling effect" by the Court System, on the work, you guys do to sell a home to someone ?

Obviously with someone "breathing down your neck" on the original house sale, will make SOME difference.

[Elke Mariotti]

Originally Posted by longislandmike

How will having a Judge, "second guess" the original mortgage agreement, influence, how mortgages are going to be "set out" in the beginning ?

Will there be a "chilling effect" by the Court System, on the work, you guys do to sell a home to someone ?

Obviously with someone "breathing down your neck" on the original house sale, will make SOME difference.

Not sure I fully understand your question, so I'll address things as I "hear" them.

I don't see much court intervention as a result of a short sale declination.
Hardship is the key. One example of a hardship is if you can't make ends meet (for necessities), you are behind in other bills, and your current income is insufficient to continue to make the necessary payments for the foreseeable future (you have to prove this). However, the type of (other) debt is important here--not Macy's, etc. but maybe unexpected high medical bills, etc.; in other words, fiscal irresponsibility will not be "rewarded" with letting you off the hook via short sale. If that's the situation, then it could end up as a foreclosure/REO or bankcruptcy=REO.

Current mortgage underwriting has gone back to the "old way" - prove your income, show us your downpayment, etc. FULL disclosure (with rare exceptions), so I see no reason for Court interference in current loan documents.

The current (temporary) "cram down provision" (part of the bail out package) could have a noticeable effect on agents' business--we will see.

But I know many agents who are not at all interested in doing short sales, because it's very labor intensive with no guarantee of success - and very drawn out with regard to time as well; some (potential) buyers wait 60-90 days just to find out if their offer was accepted.

Don't know if I answered your question

[minesbroken]

Live in an apartment for 3 years then your a first time home buyer again