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Kelly
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0.10 Dollars($)
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Posted: Sun Aug 05, 2007 10:10 am Post subject: How long would it take to qualify for a new morgage after a |
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| I am looking at a short sale and wanted to know how long generally it is before i could purchase another property after rebuilding my credit? 2yrs? 7 yrs???? Help please? |
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larry

Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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Posted: Sun Aug 05, 2007 9:13 pm Post subject: |
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Hi Kelly,
If you successfully complete a short sale, you may qualify for a new loan at a reasonable interest rate in as little as 18 months. So, if you plan to buy a home in the future, then doing a short sale is the better option. |
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kenstampe
 Moderator
Joined: 22 Jan 2007
Posts: 146 Location: Dallas, TX
50.64 Dollars($)
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Posted: Mon Aug 06, 2007 11:15 am Post subject: |
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Defaulting on a mortgage is considered foreclosure whether you do a short sale, deed in lieu, or just stop making payments until they kick you out of the place.
In other words, the credit impact is the same.
What's different is whether or not there are additional monies the lender can come after you to collect. In a short-sale, the lender can't sue you for the loss on the loan whereas they can in a normal foreclosure.
Depending on your situation you can qualify for some loans right out of foreclosure and other loans require 4 years. Not knowing enough about your income, employment and assets it is impossible for someone to answer that question.
I suppose the better question is how long until you can afford to make a mortgage payment without having to resort to a short sale to get out of it? _________________ Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Contact by email at |
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carnahandavid

Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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Posted: Mon Aug 06, 2007 5:00 pm Post subject: |
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You must be having financial problems because of which mortgage payments have become difficult and you are looking into short sale as an option.
Now after a short sale happens you will have improve your credit, financial position and only when you are sure that you would be able to afford house payments, look at buying the new house.
Developing good reserves, improving credit score, getting back financial stability generally takes time and you will have to wait for some years before you make the new purchase.
As Ken said, to get good rates, you need to wait for around 4 years, this time can be utilized to improve credit history, and regain financial stability. If you don't make proper calculations and go for another mortgage to soon, you might be in similar spot again where losing the home becomes a reality. |
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angie franco
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0.10 Dollars($)
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Posted: Sat Sep 13, 2008 5:32 pm Post subject: SHORT SALE |
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ACCORDING TO YOUR REPLY ABOVE, AFTER SHORT SALE ONE CAN BUY A HOUSE AFTER 18 MONTHS..HOW ABOUT IF CREDIT SCORES WENT DOWN BECAUSE OF MORTGAGE DEFAULTS BEFORE SHORT SALE???
THANKS!!! |
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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.03 Dollars($)
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Posted: Mon Sep 15, 2008 11:34 pm Post subject: |
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It really depends on the damage to your credit report such as if forclosure was filed, late payments, etc. I would figure at least 2 years before being able to purchase again. _________________ Lisa Scherzer
Allpointe Mortgage
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