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after how long can i rebuild credit after short sale

Posted on: 28th Jun, 2009 08:59 pm
how long after shor sale of my home can I
rebuild my credit
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
Posted on: 28th Jun, 2009 10:26 pm
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...........
:arrow: :arrow: :arrow:
Posted on: 28th Jun, 2009 10:30 pm
The FICO score is likely to drop down by 75-100 points if you do a short sale
Posted on: 29th Jun, 2009 08:14 am
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 !
Posted on: 07th Oct, 2010 06:20 pm
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.
Posted on: 08th Oct, 2010 02:23 am
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?
Posted on: 30th Aug, 2011 03:23 pm
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
Posted on: 30th Aug, 2011 10:44 pm
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.
Posted on: 31st Aug, 2011 09:48 pm
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