Posted on: 11th Sep, 2009 07:47 am
I need some answers. Sorry if this is long.
My wife and I lived in FL. We had our home there. We both work for the USPS. Due to chages in jobs she had to transfer to GA. So I had to figure out how to get transfered as well. Of course all this happens during the decline in the market. We put our home up for sale but quickly realized we were in trouble. Due to our large mortgage and the bad market we were off over $200,000. We ended up having to reluctantly take a short sale. We had in the mean time purchase a house in GA. LEGALLY. (small home). We disclosed all that was going on. We now would like to build our future retirement home and move in right away. MY wife ended up having to take an early out VERA retirement with the USPS. I have 5 years till I can retire. Our credit score of course was hurt from the short sale. MY score is 600 and hers is 605. We have late payments on the credit report due to being told we HAD to be late in order to quailfy for a short sale. We attempted to get approved for a short sale while our mortgage was current and they said NO WAY. Once we moved we had to stop paying the mortgage in FL so we could do the short sale. We have no money to put down except to pay for closing costs. We have 9 acres we started to purchase 4 years ago. We owe about $50,000 on it. We found a reputable builder and now want to build our new home. We would like to get an all-in-one construction loan that coverts to a regular mortgage combining the cost of the property and the cost to build the house. Everything I am reading says we HAVE to wait two years till we can get a new mortgage. IS THIS A LAW or just a guidline? I am willing to take a higher interest rate for now to get the house built. The prices to build are significantly lower now. If we wait I am sure it will cost us much more later to build it. So my question is: Are there ANY lenders that WILL finance a mortgage for us now. It has been about 6 months since the short sale. It was reported "Paid in Full" on credit report from the letter we received from the bank who had the mortgage on the old house in FL. Any suggestions on lenders I can try? All responses are appreciated.
Thanks,
Tom
My wife and I lived in FL. We had our home there. We both work for the USPS. Due to chages in jobs she had to transfer to GA. So I had to figure out how to get transfered as well. Of course all this happens during the decline in the market. We put our home up for sale but quickly realized we were in trouble. Due to our large mortgage and the bad market we were off over $200,000. We ended up having to reluctantly take a short sale. We had in the mean time purchase a house in GA. LEGALLY. (small home). We disclosed all that was going on. We now would like to build our future retirement home and move in right away. MY wife ended up having to take an early out VERA retirement with the USPS. I have 5 years till I can retire. Our credit score of course was hurt from the short sale. MY score is 600 and hers is 605. We have late payments on the credit report due to being told we HAD to be late in order to quailfy for a short sale. We attempted to get approved for a short sale while our mortgage was current and they said NO WAY. Once we moved we had to stop paying the mortgage in FL so we could do the short sale. We have no money to put down except to pay for closing costs. We have 9 acres we started to purchase 4 years ago. We owe about $50,000 on it. We found a reputable builder and now want to build our new home. We would like to get an all-in-one construction loan that coverts to a regular mortgage combining the cost of the property and the cost to build the house. Everything I am reading says we HAVE to wait two years till we can get a new mortgage. IS THIS A LAW or just a guidline? I am willing to take a higher interest rate for now to get the house built. The prices to build are significantly lower now. If we wait I am sure it will cost us much more later to build it. So my question is: Are there ANY lenders that WILL finance a mortgage for us now. It has been about 6 months since the short sale. It was reported "Paid in Full" on credit report from the letter we received from the bank who had the mortgage on the old house in FL. Any suggestions on lenders I can try? All responses are appreciated.
Thanks,
Tom
Hi tom
Check with all your local lender who will give you good deal.
Check with all your local lender who will give you good deal.