Posted on: 27th Jul, 2009 06:14 pm
my wife and I have good credit scores (mid 700's) and we make good money. We are not late on our mortgage but we have a 5 yr interest arm that is going to expire next year (August). The price of our home has drop over $200k. We want to short sale our home because we know our lender won't modify our loan or lower the principal balance. If we short sale our home without never being late, good credit scores and good income how soon can we buy a home. We don't want to stay because we are paying on a house that has declined in value over $200k.
thanks...
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thanks...
[size=9:98994952fd][color=Red:98994952fd][Email address deleted as per forum rules. Thanks.][/color:98994952fd][/size:98994952fd]
Hi srobertson!
Welcome to forums!
If you short sale a property, your credit score will go down by 80-100 points. You will not be able to buy a property immediately after a short sale. You'll have to wait for at least 2-3 years in order to get a home loan. Meanwhile you can rent a property and try to improve your credit score.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you short sale a property, your credit score will go down by 80-100 points. You will not be able to buy a property immediately after a short sale. You'll have to wait for at least 2-3 years in order to get a home loan. Meanwhile you can rent a property and try to improve your credit score.
Feel free to ask if you've further queries.
Sussane
I had a short sale ; same type of experience ...brought another house in 18 months...30 year fixed at 4.75
Same situation here too, its been 10 months since our shortsale was final... we were never late on 1 payment, did a short sale bc our family unexpectedly grew and house was worth 100,000 less. Long story short our credit was MAYBE effected by 20 points. (Just checked it last week.) Really nothing to sneeze at. We just started talking with mortgage brokers and all seems fine so far... wish us luck! :)
It is possible, Fannie Mae and Fredy Mac will allow a home to be purchased after a short sale within 5 to 9 months. They have no requirements indicating otherwise. If you go to the Fannie Mae/Fredy Mac website you can see what the requirments are and the lenders should be following those requirments.
Eric
Eric
if you short sale your home cuz the bank won't modify the loan and the property is now $100,00 than what you paid - where to you go to live until you can get another loan for a home that is reasonable????? i'm stuck.
Hi kittymom,
You can try to rent a property which will suit your means. While you rent a property, you can take steps to improve your credit score. After 2-3 years, you'll be able to get a mortgage in order to buy a new property.
You can try to rent a property which will suit your means. While you rent a property, you can take steps to improve your credit score. After 2-3 years, you'll be able to get a mortgage in order to buy a new property.