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 aapl4theteacher
Joined: 16 Mar 2008
Posts: 9
4.34 Dollars($)
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 Posted: Sun Jul 06, 2008 10:44 am Post subject: short sale; how soon after can we buy a house? |
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Trying to find out how long after a short sale before I can get financing? Will it help if I have a lot down? (20 %)
Thanks, |
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laphillips
Community Experts
Joined: 10 May 2008
Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
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| Posted: Sun Jul 06, 2008 3:00 pm Post subject: short sale; how soon after can we buy a house? |
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aaple4theteacher,
Any real estate purchase is helped with a 20% down! You don't say was the short sale completed while the house was still in default or had it entered foreclosure (had the sale date been recorded)?
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.** |
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aapl4theteacher
Joined: 16 Mar 2008
Posts: 9
4.34 Dollars($)
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| Posted: Sun Jul 06, 2008 5:10 pm Post subject: Thanks Lynnette, for your reply |
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| In default; we beat the foreclosure. I was told the foreclosure sale would have taken place in August. Do you think this will be a problem? The foreclosure sale date was set, but never took place. |
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laphillips
Community Experts
Joined: 10 May 2008
Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
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| Posted: Sun Jul 06, 2008 5:27 pm Post subject: |
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Good for you! Even in default you credit score (FICO) probably suffered...take some time to get your credit back in shape - if nothing else interest rates are FICO driven - and start checking into your options.
One option you might want to look into is a lease option but although these can be great when you are rebuilding your credit but especially in this market they require extra caution. 
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.** |
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aapl4theteacher
Joined: 16 Mar 2008
Posts: 9
4.34 Dollars($)
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| Posted: Sun Jul 06, 2008 5:52 pm Post subject: |
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| We'll work on it; we sure appreciate your input! |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Mon Jul 07, 2008 2:39 am Post subject: |
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Hi aaple4theteacher,
Foreclosure will have much bigger negative affect on the credit than short sale. In case of short sale you can get approve for another mortgage with affordable rates and terms after 18 months if you can work on your credit but if you face foreclosure it will take longer period of time for you to get approve.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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ivan2333
Guest
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| Posted: Mon Jun 15, 2009 3:11 pm Post subject: |
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| What about if I sold my house in a short sale, but I wasn't late on the payments, how soon can I buy a new home? |
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CharMI
Guest
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| Posted: Sun Jul 19, 2009 10:39 am Post subject: |
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| I believe they Fannie Mae changed the law in 2008, that if you were never late on your payments, and do a short sale, you can immediately buy another home without a wait. I would think the 20% down would also help when you go to get the new mortgage. |
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Garysnober
Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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| Posted: Mon Jul 20, 2009 6:27 pm Post subject: |
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| 20% is always a great start. But take your time to fix ur credit to take advantage of the low interest rates right now. |
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c j
Guest
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| Posted: Sun Aug 23, 2009 2:36 am Post subject: short sale |
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i sold my home in may 2008 and yes i did have late payments how long do i have to whait.  |
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devidas_padir
Joined: 01 Mar 2009
Posts: 49
6.41 Dollars($)
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| Posted: Sun Aug 23, 2009 9:35 pm Post subject: |
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| If you had a short sale, then you are liable to wait for 18 months as a guideline. |
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ss
Guest
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| Posted: Mon Nov 02, 2009 4:06 pm Post subject: |
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| it's three years |
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