Posted on: 15th Oct, 2009 10:24 am
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?
That really all depends upon the guidelines that your future lender has in place.
Susan
welcome to mortgagefit
"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......
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welcome to mortgagefit
"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:
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.
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
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