Posted on: 27th Feb, 2011 09:09 pm
I sold my home through the use of a short sale which had a first and a second. Before the short sale, I tried to get a loan modification but was told by the lenders that I had to be at least 3 months behind on payments. (at that time I was current on all payments). After several months, the home finally sold. I had no other late payments on any thing else. Now I am told that I do not qualify to purchase a home due to credit problems. My credit score is still in the high 600 and low 700. Can you give a solution or some advice?
Immediately after a short sale, you won't be able to get a new mortgage to buy a property. After a short sale, your credit score will go down by 80-100 points and you'll have to wait 2-3 years in order to qualify for a new mortgage.