How Long Do You Need to Wait to Qualify for a Loan After Short Sale or Foreclosure?

The time frames differ given your individual situation, but this article offers some good information regarding the 'rules'.
http://www.mercurynews.com/business/ci_20241918/past-foreclosure-means-waiting-years-new-loan

Bank of America "Mortgage to Lease" Foreclosure Alternative

Last week Bank of America began sending letters offering distressed homeowners the option to lease their homes in an effort to avoid foreclosure.  The test markets included Arizona, Nevada, and New York.  It is not officially offered here in California, but it would not hurt to ask if you are in the process of trying to avoid foreclosure.  Fannie Mae also has a similar program.  Read the full story athttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_Riverhttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_River

Short Sale or Foreclosure and Your Taxes

Take a look at this article for some good information about what can happen to your taxes after a short sale or foreclosure.  You should always contact your tax professional for personalized tax advise.
http://rismedia.com/2012-03-11/what-you-need-to-know-about-cancellation-of-mortgage-debt/

Scam Targets Distressed Homeowners

Tip of the Week: Scam targets distressed homeowners
Scammers are calling homeowners, offering to help save their homes by filing an application for them for the Keep Your Home California program, bilking the victims of as much as $900.  Applying for help from Keep Your Home California is always free.

Homeowners can go to www.keepyourhomecalifornia.com for more information on programs offered or call this number to get information about assistance with mortgages: (888) 954-5337.