Posted on: 16th Jun, 2009 10:28 am
My husband is in the military and we are being moved. We put our house up for sale and had a contract within 3 days. We ended up getting a contract for 40k more than the current values in our neighborhood(we have done TONS of work to it)We obviously owe more than it's worth and will not be able to come up with the difference. A BPO was done with the value being less than the contract price. Either way, the bank will still get way more with this deal than any other one in our neighborhood. The 1st mortgage lender is going to forgive the debt completely and the 2nd is getting around 10% of their balance, making everyone happy in the end. We won't owe, and they get most of their money. We didn't miss any payments and are continuing to make the mortgage payments until we go to closing. So, not lates, no balance owed, only the "settled for less" note on our credit report.
The location we are going to is one we probably want to stay in, therefore, we may buy a house instead of renting. We went ahead and signed a lease to rent for a year, but want to look at buying after that.
How long will we need to wait to be able to buy another house?
The location we are going to is one we probably want to stay in, therefore, we may buy a house instead of renting. We went ahead and signed a lease to rent for a year, but want to look at buying after that.
How long will we need to wait to be able to buy another house?
dairycowz0512
Welcoem to the forum
Probably you may be eligibel in2 years time, based on yoru credi score and income
Good luck and feel free to ask
Welcoem to the forum
Probably you may be eligibel in2 years time, based on yoru credi score and income
Good luck and feel free to ask
if you short sale and are not late on any payments to lender you can purchase right away depending on your credit from what i have been told.
Rememebr you will loose atleast 50poitns after your short sale, if you are still current on payment
The short sale will show up on yoru credit.
The short sale will show up on yoru credit.
In my opinion if you can go for land trust and transfer the property on its name and then do a shortsell then it will give access to have a mortgage on immediate basis.
Make sure this practise is legal in your state.This is a small loophole in the legal system and people do take advantage of this system.
Make sure this practise is legal in your state.This is a small loophole in the legal system and people do take advantage of this system.
Hi we have done a short sale on our home ln 08' how long after that can we purchase another home?
Hi korin,
You would be able to purchase a property after 2-3 years of a short sale. Meanwhile you can take steps to improve your credit score. Take a look at the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
You would be able to purchase a property after 2-3 years of a short sale. Meanwhile you can take steps to improve your credit score. Take a look at the given page in order to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks