Posted on: 06th Jul, 2008 10:38 am
With much remorse, I'm closing the short sale on my condo at the end of this month. I don't have to tell you how much of a hassle it has been.
I've heard and read a lot of conflicting information about the time line for purchasing another property. I know there are a lot of lenders on this site; what's the real scoop on how soon I can buy?
I need to get something I can afford as soon as possible; the mortgage interest is the only thing I can deduct, and I'll be taking a double-whammy tax-wise next year.
Thanks,
:(
I've heard and read a lot of conflicting information about the time line for purchasing another property. I know there are a lot of lenders on this site; what's the real scoop on how soon I can buy?
I need to get something I can afford as soon as possible; the mortgage interest is the only thing I can deduct, and I'll be taking a double-whammy tax-wise next year.
Thanks,
:(
Hi Mathina.
Welcome to the forum.
You can buy a house just after the short sale but sadly the rates and terms will not be affordable or you should try and improve your credit as much as possible. If you can improve your credit quick enough then you should be able to buy a house within 18 months with affordable rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You can buy a house just after the short sale but sadly the rates and terms will not be affordable or you should try and improve your credit as much as possible. If you can improve your credit quick enough then you should be able to buy a house within 18 months with affordable rates and terms.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Did you go to 120 days late? If so it is considered a foreclosure by lenders and will require 3 years seasoning before you qualify for FHA or conventional financing again.
If you weren't 120 days late then you technically would qualify after 12 months without mortgage or rental lates.
If you weren't 120 days late then you technically would qualify after 12 months without mortgage or rental lates.
I have never heard of this. Eveyone has told me that a short sale is a short sale -- unless it goes to foreclosure. It this also true for California? I notice you are in Florida, Chris.
So my short sale will be recorded as a FORECLOSURE?
So my short sale will be recorded as a FORECLOSURE?
Posted: Mon Jul 07, 2008 5:17 pm Post subject:
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I have never heard of this. Eveyone has told me that a short sale is a short sale -- unless it goes to foreclosure. It this also true for California? I notice you are in Florida, Chris.
So my short sale will be recorded as a FORECLOSURE?
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I have never heard of this. Eveyone has told me that a short sale is a short sale -- unless it goes to foreclosure. It this also true for California? I notice you are in Florida, Chris.
So my short sale will be recorded as a FORECLOSURE?
Hi mathina
We have helped several people with you situation and no a short sale is not viewed the same as a foreclosure. You will need a credit strategy layed out for you according to what is on you credit report. If you where to do this you could purchase another home at a fair rate with 18 months; however, if you do not do anything to restore your credit it could be several years before you are able to obtain reasonable financing.
Hope this helps.
:D
We have helped several people with you situation and no a short sale is not viewed the same as a foreclosure. You will need a credit strategy layed out for you according to what is on you credit report. If you where to do this you could purchase another home at a fair rate with 18 months; however, if you do not do anything to restore your credit it could be several years before you are able to obtain reasonable financing.
Hope this helps.
:D
Yes, definitely Cliff. How should I go about developing the strategy? I've heard some of the credit repair services are bogus; should I contact your company directly? Would a local company be a better option?
Thank you
Thank you
Hi mathina.
Welcome back.
Short sale is not foreclosure. In case of short sale you are trying to pay off the lender by selling the property and also taking his permission. So it will not hurt your credit as much as foreclosure. To improve your credits just make all your payments and bills on time. That will help you to improve the credit score.
To know how can you improve your credit check out the credit repair tool at http://www.mortgagefit.com/calculators/credit-repair.html
Feel free to ask if you have any further questions
Best of luck.
Larry
Welcome back.
Short sale is not foreclosure. In case of short sale you are trying to pay off the lender by selling the property and also taking his permission. So it will not hurt your credit as much as foreclosure. To improve your credits just make all your payments and bills on time. That will help you to improve the credit score.
To know how can you improve your credit check out the credit repair tool at http://www.mortgagefit.com/calculators/credit-repair.html
Feel free to ask if you have any further questions
Best of luck.
Larry
a short sales is not a forclosure !!! once the property is sold you can go FHA as long as you qualify !!!
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[Email address removed as per forum rules. Thanks.]
I sold my house in Florida 14 months ago as a short sale. As of 2 weeks ago my credit score is 675 my credit report classified the short sale as a negotiated settlement. I paid my mortgage for 8 years with no late and no missed payments but to qualify for selling as a short sale I had to become delinquent on the last 2 months. I have rented my present residence for the past 14 months with perfect record and will like to become a home owner soon. I need the assistance of a Mortgage Broker with experience in this situation.
Any Information is appreciated
Thank you Veronica
Any Information is appreciated
Thank you Veronica
Hi Veronica!
Welcome to forums!
As your property was short sold recently, you won't be able to get a mortgage for a new property immediately. You need to wait for at least 2 years in order to qualify for a loan. Moreover, if you are looking for a conventional loan, you need to take steps to improve your credit score.
Sussane
Welcome to forums!
As your property was short sold recently, you won't be able to get a mortgage for a new property immediately. You need to wait for at least 2 years in order to qualify for a loan. Moreover, if you are looking for a conventional loan, you need to take steps to improve your credit score.
Sussane
Improve my credit? 675 credit score is not good? The only problem with my credit is the 2 late paiments one is 60 days the other is 30 and it was done for the short sale only. I have income of $6,000 and det of $700.00 is this not a good debt to income ratio.
Hi mathina,
A short sale does have an impact on your credit score, but not as bad as foreclosure. After a short sale, you could apply for financing loan.
It would be better that you improve your credit score after the short sale. Once your credit score is improved, you would get a better rate and term for financing.
Thanks.
A short sale does have an impact on your credit score, but not as bad as foreclosure. After a short sale, you could apply for financing loan.
It would be better that you improve your credit score after the short sale. Once your credit score is improved, you would get a better rate and term for financing.
Thanks.
I with deep regret had to close on my home in a short sale in Alabama with a particular BIG bank. They forced me to sign a loan to pay the shortage, but it is still considered a short sale. The company that accepts my payments does not even report it to the credit agency.
After the short sale (due to a job relocation) my company paid me the shortage. Well rather than paying the zero interest loan that I was forced to accept, I paid off all credit cards, student loans and the like. I kept one card open and it is current. I tried to get qualified for the loan but the BIG bank told me I have to wait 3 years. I only owe about 400 on one credit card, which I am dragging the payment out to show good payment history. I will pay it off within 2 months. So if anyone can help me, I'd appreciate it.
The funny thing is I went to the same BIG Banks website to apply for a prequalification and they emailed me a prequal letter. I am concerned because I will not have enough to right off on my taxes. Our income is too high.
After the short sale (due to a job relocation) my company paid me the shortage. Well rather than paying the zero interest loan that I was forced to accept, I paid off all credit cards, student loans and the like. I kept one card open and it is current. I tried to get qualified for the loan but the BIG bank told me I have to wait 3 years. I only owe about 400 on one credit card, which I am dragging the payment out to show good payment history. I will pay it off within 2 months. So if anyone can help me, I'd appreciate it.
The funny thing is I went to the same BIG Banks website to apply for a prequalification and they emailed me a prequal letter. I am concerned because I will not have enough to right off on my taxes. Our income is too high.
i think its 3 years
Welcome Kema,
You won't be able to get a mortgage immediately after a short sale. You will have to wait for 2-3 years in order to qualify for a loan. As far getting pre-qualification letters in email is concerned, you should speak to the lenders individually and discuss your situation. I don't they would be ready to give you a loan.
You won't be able to get a mortgage immediately after a short sale. You will have to wait for 2-3 years in order to qualify for a loan. As far getting pre-qualification letters in email is concerned, you should speak to the lenders individually and discuss your situation. I don't they would be ready to give you a loan.