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after how long can i rebuild credit after short sale

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Post Posted: Sun Jun 28, 2009 8:59 pm    Post subject: after how long can i rebuild credit after short sale
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how long after shor sale of my home can I
rebuild my credit
Icon Mini Profile jenkin7
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Post Posted: Sun Jun 28, 2009 10:26 pm    Post subject:
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Hi Guest,

After a short sale you need to wait at least 2 years to qualify for a new loan. But the lenders may consider offering you a loan before the 2 year period is over, provided you rebuild your credit in quick time. It is thus advisable that you keep making the payments on time until the short sale is complete. After the house has been short sold, you have to pay your utility bills, credit cards debts etc on time and make sure that the payments are properly being reported to the credit bureaus.

To know more on how you can rebuild your credit, you can refer to the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Icon Mini Profile manoj_gopale
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Post Posted: Sun Jun 28, 2009 10:30 pm    Post subject:
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you can start rebuilding the credit immediately but only after 24 months you will be able to freshly apply for the new mortgage.(source Fannie Mae)

keep in touch...........
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Icon Mini Profile robertsmith2005





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Post Posted: Mon Jun 29, 2009 8:14 am    Post subject:
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The FICO score is likely to drop down by 75-100 points if you do a short sale
lisali

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Post Posted: Thu Oct 07, 2010 6:20 pm    Post subject: short sale
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I am only 3 months behind on my mortgage, and my credit score already dropped 100 points !! Whatever they say is B.S. banks can't wait to ruin your credit, yet they won't help you modify your mortgage! I tried modification 2x and they denied me, now I'm selling (short sale) and my credit score took a huge hit !
Icon Mini Profile sara
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Post Posted: Fri Oct 08, 2010 2:23 am    Post subject:
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Hi lisali,

After a short sale, your credit score will get lowered by 80-100 points. Moreover, you'll be liable for paying the deficient balance resulting from the sale of the property. If you're unable to pay off the mortgage, then the lender can charge off the dues and assign the account to a collection agency.

Take care.
Gio

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Post Posted: Tue Aug 30, 2011 3:23 pm    Post subject: Short Sale
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Sara...I did a short sale and received the HUD paperwork and documentation shopwing a zero balance, thus a short sale which was approved by the bank before the sale went thru. How would someone with only one mortgage end up pwing the deficient balance?
Icon Mini Profile jameshogg
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Post Posted: Tue Aug 30, 2011 10:44 pm    Post subject:
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Hi Gio,

In case of a short sale, the lender has the rights to come after the borrower for the deficient balance resulting from the sale of the property. However, if the lender forgives the deficient balance resulting from the sale of the property, then the borrower won't be liable for paying off the deficient balance.

Thanks
Icon Mini Profile sabrinatoss
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Post Posted: Wed Aug 31, 2011 9:48 pm    Post subject:
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A short sale can damage your credit score, which may take a beating of more than 80 - 150 points. Normally, after a short sale, it will take 18-24 months before you become eligible for refinancing. This is because short sale proceedings follow payment defaults, which harms your credit score.
To get faster results seek for a local consumer credit counselor or credit bureau to get assistance.

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