Posted: Wed Jul 23, 2008 2:35 pm Post subject: Is Oregon an anti-deficiency state?
Is Oregon an anti-deficiency state? Do to family health issues I need to relocate back to California and have not been able to sell my house due to decreasing property values. If I decide to sell my home in Oregon as a short sale would this affect my credit score? How long would it be before I could purchase another home in California?
Oregon is an anti-deficiency state. Short sale will affect your credit score to a certain extent but much lesser than deed in lieu or foreclosure.
"How long would it be before I could purchase another home in California?" It will depend upon how quick you can improve your credit score. General logic is better your credit score is you will get better rates and terms. So after the short sale pay all your bills on time and improve your credit score as much as you can.
Feel free to ask if you have any further questions.
Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia 36.24 Dollars($)
Posted: Fri Jul 25, 2008 6:08 am Post subject:
Oregon has the anti-deficiency judgement but only non-judicial. If non-judicial you will not have to pay the difference. A short sale affects your credit score just as a foreclosure. Your score can be dinged 200-300 points with both.
Foreclosure a lender will give you any kind of interest 24-72 months after foreclosure. More than likely 3 years than 2.
Short sale you will be able to purchase a house within 2 years. However, you will have difficulty salvaging your score with short sale vs foreclosure.
Seek legal tax advice before making a decision
Good Luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group _________________ Life is like a bull grabit by the horn
Oregon Lawyer Guest
Posted: Fri Oct 31, 2008 5:26 pm Post subject: Jeanette is Incorrect
Jeanette your information is bad, well not bad just misleading and incomplete. Anti-deficiency applies to non-judicial for commercial and residential. Anti-deficiency applies to residential purchase money mortgaes.
murcath Guest
Posted: Mon Feb 09, 2009 10:16 am Post subject: Jeanette does not know the correct points for a foreclosure
information regarding the credit score drop of 200-300 points is absolutely incorrect.
thatdogguy Guest
Posted: Fri Apr 17, 2009 8:58 am Post subject: Lost on the meaing of anti-deficiency
So what does this mean? Can a lender come after you for a mortgage foreclosure or short sale defiency or not? The term "anti-deficiency" is confusing.
msde_teach
