Posted on: 25th Aug, 2010 05:13 pm
Very frustrated.....In 2/08 we had a Chapter 7 due to job loss/business failure. We did not include our home, (did not want a forclosure) instead put it on the market and ended up doing a shortsale. We thought this was a much better option in regards to being able to buy again when our credit improved. We couldn't be more wrong! Lenders look at a Short Sale with lates as a Forclosure. (You could not do a short sale with out being late back then and in many instances you still can't now!) Our short sale was completed 18 months ago. (We relocated out of state for jobs 2 years ago, he area we lived before the move became very economically repressed due to the recession)have had good credit since,no debt,use credit responsibly and have long term employment that are sustainable in this recession with very good income. Yet, we can't get an FHA mortgage or any other mortgage for that matter even with documented extenuating circumstances that will not likely happen again. Can someone who has been through similar circumstances tell us if they have found a way to buy or, if a mortgage professional can tell us what our prospects are for a mortgage in the future?
Thanks, look forward to any useful information ! :D
Thanks, look forward to any useful information ! :D
Hi, Yes as stated above 2-3 years will give you enough time for you to start over and try to rebuild some credit and qualify for a new mortgage.