This issue affects an estimated Twenty million Americans right now. The rule changes concerning mortgages after a short-sale have made it impossible for middle class Americans to buy a home.We suffer, the economy suffers, all for no reason.
My family will lose our home, January 2016. Through no fault of own, except trusting the rules and regulations concerning mortgages We have good credit, job, and income. Yet, we will be homeless, and nothing we can do to fix the problem.
Prior to August 2014, there was a two year waiting period after a short-sale to qualify for a new mortgage. Now it is four years.
A simple grandfather clause for short-sales completed prior to the August 2014 rule change will fix this problem. We played by the rules, then they changed the rules. Level the field.