Compare Mortgage Quotes

msde_teach · Joined: 23 Jul 2008 Posts: 1 1.45 Dollars($)

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?

brian1 · Posted: Wed Jul 23, 2008 10:10 pm Post subject:

Yes it will impact your ability to buy. I do not know thestate specific answer sorry.

Good Luck
Brian

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi msde_teach.

Welcome to the forum.

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.

Best of luck,
Larry

Jeanette · 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

Guest

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.

Guest

information regarding the credit score drop of 200-300 points is absolutely incorrect.

Guest

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.

Guest

I think the question is not being answered. Can a lender come after you for a 1st and a 2nd mortgage in Oregon if it is was purchase money and no refinance cashout?

smithsussane · Posted: Mon Oct 24, 2011 9:57 pm Post subject:

Hi sansonj!

Welcome to forums!

Whether it is a purchase money mortgage or a cash out refinance, if you're unable to pay off the mortgage in full, both the lenders will be able to come after you in order to recover their mortgage payments.

Feel free to ask if you've further queries.

Sussane

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1