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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?

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Icon Mini Profile josephinelulu





Joined: 18 Nov 2009

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Post Posted: Wed Nov 18, 2009 12:27 pm    Post subject: How long I have to wait to buy a home after two shortsales a
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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?
Icon Mini Profile sonjakracine





Joined: 24 Oct 2007

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Post Posted: Wed Nov 18, 2009 9:23 pm    Post subject:
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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.
Josephine

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Post Posted: Thu Nov 19, 2009 1:16 pm    Post subject: mortgages after short sale and charge offs
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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?
Icon Mini Profile savior70





Joined: 25 Mar 2009

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Location: Florida
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Post Posted: Fri Nov 20, 2009 3:14 am    Post subject:
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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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