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Qualifying for a Mortgage Loan after a Short Sale

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Icon Mini Profile chez603





Joined: 09 May 2009

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1.64 Dollars($)
Post Posted: Sat May 09, 2009 11:14 am    Post subject: Qualifying for a Mortgage Loan after a Short Sale
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I closed on my last home in October of 2008, it was a Short Sale. I am trying to purchase a home and am trying to get qualified however 3 Lenders I spoke to looked at my Credit Bureau which shows with that last Mortgage Company a notation which states, "Creditor Settled for Less than Owed" , so all 3 of thjem look at it as a Foreclosure. I am coming up on a year with my Rental and would like to move to my own home instead of signing another 1 year lease. I would like to know what I can do.
Icon Mini Profile SSPINGARN





Joined: 30 Apr 2009

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Location: MATAWAN NJ
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Post Posted: Sat May 09, 2009 9:03 pm    Post subject:
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you should be ok but i would wait for a full year in your rental
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SCOTT SPINGARN
BRANCH PARTNER
RBI HOME LOANS
732-290-1888
WWW.RBILOANS.COM
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
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Post Posted: Tue May 12, 2009 5:15 am    Post subject:
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Hi

A foreclosure is often considered almost similar to a foreclosure because in both the cases the creditor is settled for less than owed. You'll have to wait for at least 2 years to get a loan, be it an FHA loan or a conventional loan. You'll also have to work on improving your credit score during this time. You may get a loan within 1 year of the short sale, but you'll be charged high interest rates. So, it's better to work on your credit and wait for some time before applying for a new loan.
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