[integra777]

HI everyone!
Here is my situation: We are 6 months behind and are in foreclosure, but its on hold because we are awaiting the loan modification acceptance. Long story short we modified with Citimortgage and are now on their new payment plan, but Indymac(primary loan) rejected our modification today and stated that we make sufficient amount of money. They are going to put us on the repayment plan on the meantime.

Im definitely going to short sale this house. I also would like to purchase a house soon as well, because the price is more affordable than before.

Here are my questions:
1. We know if we short-sale first then we would have to wait 2-3 years before buying another home. What if my wife co signs with my father in law which has excellent credit, would they qualify for a home? This is considering all the income to debt ration are met and etc. My main conern is my wife credit score is not to great now.
2. If we short sale first, can my wife still co-sign with my father in law and qualify?
3. This waiting period before buying another home...is this the law or is this the banks regulations?


The only reason why I want my wife to be part of title of the house is so we can claim tax write off on interests. Its pointless to own a home and cannot use it as a tax write off.

So overall, my goal is to buy another house, and short sale my current house within a few months. Please give us some advice on what is the best way to go about with this....Thank you.