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How many years to get credit after a short sale?

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Icon Mini Profile Lsanchez





Joined: 08 Jan 2009

Posts: 2

1.63 Dollars($)
Post Posted: Thu Jan 08, 2009 1:11 pm    Post subject: How many years to get credit after a short sale?
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Can any body tell me how many years have to pass before I can buy a house after I loose my house in a short sale or Foreclousure?
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Thu Jan 08, 2009 7:46 pm    Post subject:
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Hi Lsanchez!

Welcome to forums!

As far as short sale is concerned, it will lower your credit by 75-100 points, but I don't think it will lower your chances for getting a loan to buy a house.

As far as foreclosure is concerned, it remains on your credit report for 5 years from completion date. In between 5 to 7 years, you will only be able to purchase a personal residence. Also you should have a minimum of 10% down and a good credit score. Also you can only do limited cash-out; no regular cash-outs are permitted. After 7 years you can get normal rates and terms for getting a mortgage.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile kingno1





Joined: 25 Apr 2008

Posts: 61

21.19 Dollars($)
Post Posted: Fri Jan 09, 2009 8:29 pm    Post subject:
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Hello, I just short saled my house last month.. Would be interested to know the same. My credit already dropped by 70 points due to not paying 4 months of mortgage payments. Will it drop by another 70-100 points due to short sale?
Icon Mini Profile Caron
Caron
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Joined: 19 Jul 2005

Posts: 1519
Location: florida
281.04 Dollars($)
Post Posted: Mon Jan 12, 2009 4:45 am    Post subject:
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Yes, I think your credit score will drop further by 80-100 points after the short sale.
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