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Old 09-26-2010, 11:15 AM
 
1 posts, read 1,277 times
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3 years ago we moved to Wa state for work but kept our house in AZ and rented it out. Then 8 months ago we had to move back to AZ so we did a short sale on our WA home and moved back into our original AZ property. Now we are going to have to let this house go and I was wondering if we would be allowed to short sale the AZ home even though we have already done one short sale already??? Any info would really help!
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Old 09-26-2010, 11:27 AM
 
27,949 posts, read 65,539,098 times
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There are no "rules" that would prevent a lender from accepting a short sale. Ther may be tax implications. Check with a pro that has experience in your state.
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Old 09-27-2010, 11:31 AM
 
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Yes... of course you can. I know of a few people with more than 1 short sale. It is all up to the bank.
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Old 09-27-2010, 11:32 AM
 
139 posts, read 665,536 times
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Another note - the lender on your next house (if you purchase again), will definitely take this into account.
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Old 09-29-2010, 06:55 PM
 
Location: MID ATLANTIC
7,395 posts, read 16,861,645 times
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The only problem I see is convincing the IRS of the two owner occupied shortsales half a country a part in a short time period. Non occupied properties can be subject to a 1099 and then your problem are with Uncle Sam.
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Old 10-05-2010, 10:22 PM
 
Location: The Greater Houston Metro Area
8,914 posts, read 13,703,015 times
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At least one of those are going to look very "strategic". You may have serious problems getting another loan.
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