---

mortage question

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
kbgf0000 Joined: 18 May 2011 Posts: 3 2.02 Dollars($)	Posted: Thu May 19, 2011 6:10 am    Post subject: mortage question Like 0 Dislike 0 I hear that after a short sale, you can apply for a loan, but with not that great of interest rates, etc as well as waiting 90 or 120 days after the short sale even if your credit is in decent standings. Is this true? Is there more to this?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu May 19, 2011 8:27 am    Post subject: Like 0 Dislike 0 Generally you need to wait 2-3 years after short sale. Lenders will treat a short sale just like a foreclosure. There are hard money lenders who require more down payment, but they only care about the collateral of the property. If you have not already short sold the home, you can try to obtain new financing if you can cover both mortgage payments. Then rent or sell the original house, but after the short sale is on your credit, you will have to wait. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu May 19, 2011 7:36 pm    Post subject: Like 0 Dislike 0 Hi kbgf, I agree with Chris... you need to wait for 2-3 years in order to qualify for a new mortgage after a short sale. Though you have a good credit score or income, lenders will not be ready to give you a mortgage before that period of time. Thanks

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

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