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I have just gotten divorced and we were upside down on our mortgage. It is being listed as a short sale. I am on the title and deed but I am not on the loan. I have excellent credit. Will I be able to qualify for a mortgage on my own (another house) since this is not on my credit or is my credit affected because I was the "owner" of a house that was a short sale? On the mortgage application it asks if you ever forclosed, etc. on property - since I am not on the loan do I need to reveal the circumstances of this house? If I have to reveal the circumstances do I still stand a chance on qualifying for a mortgage or do I need to wait a certain amount of time before applying?

jameshogg · Posted: Thu Feb 26, 2009 8:23 pm Post subject:

Hi jen,

As you are not on the mortgage doc, your credit will not be affected due to the short sale of the property. You can try to quitclaim the property to the person whose name is on the mortgage doc and remove your name from the property.

You can inform the lender about this and tell him that you are not liable for the short sale or foreclosure as your name was not on the mortgage. I don't think you will face any problem in getting a mortgage in your name.

Thanks

msnover92571 · Posted: Sat Feb 28, 2009 6:37 pm Post subject:

Thats correct as long as ur not on the original mortgage you are not responsible.

Guest

I closed last October 2008 on my home which was a Short Sale. I am wanting to buy a home and am interested in going though VA. A mortgage person told me I can qualify if I show 1 year of no late payments for rent or etc. Is this true?

adonis · Posted: Thu Apr 09, 2009 10:08 pm Post subject:

Hi Debster,

As far as I know, it's true that you need to wait for at least a year in order to get a home loan after a short sale. If you are not late in any of your payments during this 1 year, it would have a positive effect on your credit report and it would be easier for you to get a loan.

Guest

My husband passed away and I had to sell our home since I couldn't afford the payment any longer. The house went by short sale however. How long do I have to wait till I can purchase a home? The house closed on a short sale in December 2008.

smithsussane · Posted: Thu May 21, 2009 10:24 pm Post subject:

Hi Ann!

Welcome to forums!

You will have to wait for 2-3 years in order to get a mortgage in your name to purchase a property.

Sussane

Guest

my home was sold on a short sale last May. how long do I have to wait before I can qualify for a mortgage?

smithsussane · Posted: Thu Jul 29, 2010 12:13 am Post subject:

Hi kat!

Welcome to forums!

After a short sale, you'll have to wait for 2-3 years in order to qualify for a home loan.

Feel free to ask if you've further queries.

Sussane

Guest

My husband and I have been in our home for 5 years and have NEVER been late on a mortgage payments or any other payments for that matter. I tried 3 or 4 times to apply for a loan modification and was told “no” because you have to be behind in your payments to be considered. We had no choice but to do a short sale. Our home sold in 8 months, and we were told we would be able to get a mortgage right away since our credit scores are well over 700. However, then the government changed the rules and now we have to rent for at least 2- 3 years. So much for trying to do the right thing and play by the rules. Thanks President Obama….. you will never get my vote.

.

japreston04 · Joined: 15 Nov 2010 Posts: 2 1.44 Dollars($)

Hi there,
my husband and I are in the same boat. What I have learned is that you can qualify for a conventional loan after 2 years and a FHA loan after 3 years.

Guest

I'm told and reviewing HUD announcements that you can get an FHA mortgage right after a short sale if you aren't behind on your payments and other loans for 12 months prior to the short sale.

I'm surprised at all the misinformation from professionals in the industry.

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