Posted on: 23rd Jul, 2008 02:35 pm
Is Oregon an anti-deficiency state? Do to family health issues I need to relocate back to California and have not been able to sell my house due to decreasing property values. If I decide to sell my home in Oregon as a short sale would this affect my credit score? How long would it be before I could purchase another home in California?
Yes it will impact your ability to buy. I do not know thestate specific answer sorry.
Good Luck
Brian
Good Luck
Brian
Hi msde_teach.
Welcome to the forum.
Oregon is an anti-deficiency state. Short sale will affect your credit score to a certain extent but much lesser than deed in lieu or foreclosure.
"How long would it be before I could purchase another home in California?" It will depend upon how quick you can improve your credit score. General logic is better your credit score is you will get better rates and terms. So after the short sale pay all your bills on time and improve your credit score as much as you can.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Oregon is an anti-deficiency state. Short sale will affect your credit score to a certain extent but much lesser than deed in lieu or foreclosure.
"How long would it be before I could purchase another home in California?" It will depend upon how quick you can improve your credit score. General logic is better your credit score is you will get better rates and terms. So after the short sale pay all your bills on time and improve your credit score as much as you can.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Oregon has the anti-deficiency judgement but only non-judicial. If non-judicial you will not have to pay the difference. A short sale affects your credit score just as a foreclosure. Your score can be dinged 200-300 points with both.
Foreclosure a lender will give you any kind of interest 24-72 months after foreclosure. More than likely 3 years than 2.
Short sale you will be able to purchase a house within 2 years. However, you will have difficulty salvaging your score with short sale vs foreclosure.
Seek legal tax advice before making a decision
Good Luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Foreclosure a lender will give you any kind of interest 24-72 months after foreclosure. More than likely 3 years than 2.
Short sale you will be able to purchase a house within 2 years. However, you will have difficulty salvaging your score with short sale vs foreclosure.
Seek legal tax advice before making a decision
Good Luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Jeanette your information is bad, well not bad just misleading and incomplete. Anti-deficiency applies to non-judicial for commercial and residential. Anti-deficiency applies to residential purchase money mortgaes.
information regarding the credit score drop of 200-300 points is absolutely incorrect.
So what does this mean? Can a lender come after you for a mortgage foreclosure or short sale defiency or not? The term "anti-deficiency" is confusing.
Hi sansonj!
Welcome to forums!
Whether it is a purchase money mortgage or a cash out refinance, if you're unable to pay off the mortgage in full, both the lenders will be able to come after you in order to recover their mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Whether it is a purchase money mortgage or a cash out refinance, if you're unable to pay off the mortgage in full, both the lenders will be able to come after you in order to recover their mortgage payments.
Feel free to ask if you've further queries.
Sussane
Hi. We had our manufactured home foreclosed on us. Then they did a short sale and were not able to get the full cost of what was left on loan. They are now trying to come after us for the remainder. Do they have the right to do that in Oregon?
Hi JamieAnnie,
After the short sale, the lender has the rights to come after you to recover the deficient balance resulting from the sale of the property. If you are unable to pay it, you should request the lender for forgiveness of the deficient balance. It will be the discretion of the lender as to whether or not he will forgive the dues.
Thanks
After the short sale, the lender has the rights to come after you to recover the deficient balance resulting from the sale of the property. If you are unable to pay it, you should request the lender for forgiveness of the deficient balance. It will be the discretion of the lender as to whether or not he will forgive the dues.
Thanks