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fha mortgage after 2nd short sale?

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mjraz Joined: 12 Oct 2009 Posts: 2 1.57 Dollars($)	Posted: Tue Oct 13, 2009 8:32 pm    Post subject: fha mortgage after 2nd short sale? Like 0 Dislike 0 I sold a rental property through a short sale 3 months ago and am contemplating selling my current home through another short sale. Does this give me a double whammy on my credit and how long will I have to wait for another mortgage?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Oct 13, 2009 10:28 pm    Post subject: Like 0 Dislike 0 Hi mjraz, The two short sales will affect your credit scores separately because the properties and the mortgages on them are different. If you have had a short sale 3 months ago, your credit has already been affected. Now if you are planning to short sell another property, it will definitely drop your credit score further down. Generally, you need to wait for at least 2 years after a short sale to qualify for a mortgage (FHA). But a lot will depend on what impact these two short sales leave on your credit.

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