Posted on: 08th Nov, 2010 12:23 pm
I had to short sale my house and I shortly after had to file bankruptcy. I was 120+ days late on my old mortgage. I was on the loan myself and
now my husband and i want to buy a home with his VA..how long will it be before I can be on his VA loan with him so we can use my income
now my husband and i want to buy a home with his VA..how long will it be before I can be on his VA loan with him so we can use my income
While doing a short sale, even if you are in bankruptcy, its a big step in the right direction if you plan to rebuild your credit and own a home again someday. At least that will keep your expectations in the guidelines existing mortgage to 24 months instead of 5-7 years.The only thing that should happen is that the lawyer must apply to the judge in the case asked the authorization to sell an asset of the estate.
Hi Ed!
Welcome to forums!
As you have a short sale as well as bankruptcy mentioned in your credit report now, you won't be able to get a mortgage. You'll have to wait for around 3-4 years in order to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have a short sale as well as bankruptcy mentioned in your credit report now, you won't be able to get a mortgage. You'll have to wait for around 3-4 years in order to get a loan.
Feel free to ask if you've further queries.
Sussane
The only way to determine what is best for your situation is to seek the advice of competent counsel and a tax professional. Short sales are not a magic solution that some developers into believing that you should look at its global decision before deciding what course to take. Prevent a short sale will do little to protect consumer's credit rating, if bankruptcy is necessary at a later date.