Can I do a short sale a second time? (house, lender, lender)

[ljsmom3]

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!

[chet everett]

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.

[sigep739]

Yes... of course you can. I know of a few people with more than 1 short sale. It is all up to the bank.

[sigep739]

Another note - the lender on your next house (if you purchase again), will definitely take this into account.

[SmartMoney]

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.

[cheryjohns]

At least one of those are going to look very "strategic". You may have serious problems getting another loan.