Posted on: 07th Apr, 2011 09:23 am
I have my house for sale in Tennesse. I am doing a short sale. How long will it be for me to be pre approved or apply for another mortgage to get purchase another home? I am selling due to I am paying more for my house than its worth the appraisal is very low, I have two mortgages and he interest rate is high on one of them. I still have been able to make payments but other expenses fall short. Can any help me with an answer?
The mortgage industry isn't going to be smiling at your situation. Those whose short sales are resultant from inability to pay will find far more favor than those whose finances are not in an uproar.
The markets have already indicated that they will be far more stringent in a case such as you cite, when you have the funds to make payments but wish to sell primarily due to a lack of equity.
I'm afraid the outlook isn't too bright in the near future for you - you'll probably be faced with a few years of waiting if you attempt to get back into the homeownership game.
One alternative that I might point out, of course - if you find a lender that is willing to hold loans in portfolio and not sell to secondary markets, there you might find someone willing to grant a new mortgage in a reasonably short period of time - all things, such as credit and income - being equal.
The markets have already indicated that they will be far more stringent in a case such as you cite, when you have the funds to make payments but wish to sell primarily due to a lack of equity.
I'm afraid the outlook isn't too bright in the near future for you - you'll probably be faced with a few years of waiting if you attempt to get back into the homeownership game.
One alternative that I might point out, of course - if you find a lender that is willing to hold loans in portfolio and not sell to secondary markets, there you might find someone willing to grant a new mortgage in a reasonably short period of time - all things, such as credit and income - being equal.
