Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

repayment

Author Message
Susan0131@msn.com

Guest







Post Posted: Thu Oct 15, 2009 10:24 am    Post subject: repayment
Like 0
Dislike 0

I am repaying 10,000.00 difference to my old mortgage company for my short sale. I was told that I have to pay off that 10 thousand and then wait two years to get another mortagage. Is this true?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Thu Oct 15, 2009 10:39 am    Post subject:
Like 0
Dislike 0

That really all depends upon the guidelines that your future lender has in place.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Icon Mini Profile manoj_gopale
manoj_gopale




Joined: 16 Feb 2009

Posts: 488

0.00 Dollars($)
Post Posted: Thu Oct 15, 2009 10:48 am    Post subject:
Like 0
Dislike 0

Susan

welcome to mortgagefit


Quote:
I was told that I have to pay off that 10 thousand and then wait two years to get another mortagage


Once you pay off the total 10 K,it will become lot more easier for you to pay the new mortgage.That is the sole reson behind this regulation.But I do not think that even after charge off of 10 K you have to wait for additional 2 years to get new mortgage.

I hope you got the answer.

keep in touch......
Arrow Arrow Arrow
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
Post Posted: Sat Oct 17, 2009 9:19 am    Post subject:
Like 0
Dislike 0

well...i think you need to pay more attention to eric's answer. he's proven his value on here, and it's common sense to recognize that your future lender will be the judge as to whether or not you'll obtain a mortgage at that time.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

Posts: 1731

35.55 Dollars($)
Post Posted: Sat Oct 17, 2009 4:40 pm    Post subject:
Like 0
Dislike 0

Susan

That will really depend on how is yoru credit score and income will be at that time and any changes or requirmets from the new lender
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.075 seconds.