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josephinelulu · Joined: 18 Nov 2009 Posts: 1 1.29 Dollars($)

Two short sales in 2009 (primary and investment property) and several credit card charge offs. I would like to know when I would be able to buy a real estate again?

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

3 years minimum. Longer if the bank winds up filing a judgment for any shortage. Then you'd have to either pay those off or start making payments so you can show the mortgage company that you are trying to get rid of them.

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So if I cannot make payments on the chargeoffs I have to wait 7 years for them to drop off my credit report?

savior70 · Posted: Fri Nov 20, 2009 3:14 am Post subject:

To Josephine,

You will have to wait to pay off those charge offs and remove the other negative items from your credit report. If you do not have the lump sum money to pay off the charge-offs, you can negotiate with the creditors and work out a repayment plan with them. In that case, you will have to make payments according to the repayment plan for about a year before you can apply for a new mortgage. You'll also have to work on your credit to qualify for the loan.

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How long I have to wait to buy a home after two shortsales and a couple of charge offs on some credit cards?