Comments on: Can I purchase a home even after going thru a short sell to avoid foreclosure?

By: Jennifer S

Jennifer S — Wed, 13 May 2009 21:56:17 +0000

Check your credit score…it’s probably suffered from the foreclosure filings. Do you even have any money saved up? Don’t jump into another purchase so quickly!

By: afiesha s

afiesha s — Sun, 10 May 2009 18:29:46 +0000

Hi there you should check out this website, it can help answer all your questions, and possibly even attend seminars that can best educate you on these topics. check it out.

By: Pengy

Pengy — Fri, 08 May 2009 23:30:09 +0000

Even with not including the short sale if you had gotten more than 30 days behind in any of your bills that all shows up on your credit report as a negative and stays there for 7 years, yes even if you catch up on them so your score is no doubt already lower. It can drop fast, but takes a long time to improve, especially in todays market where money is tight

By: Bo T

Bo T — Wed, 06 May 2009 08:05:33 +0000

In california, short sell is only going to stop you for 18 months then you may purchase. However, banks may ask for a letter stating what your situation is with the short sell before they approve you. My recommendation is to stay on top of your current bills, no late payments or what so ever, and try to save up about 5-10% of money for the new home. Good luck in your battle…..

By: lepr0kan

lepr0kan — Tue, 05 May 2009 17:30:55 +0000

You’ll have to wait at least 4 year and that’s if your credit is perfect from the time of the short sale on. unfortunately lenders view short sales the same as a foreclosure on credit, both lose the lender money and show that you are a risky borrower. Your credit is also probably shot from this anyway and in the current mortgage industry without scores over 680 or FHA it’s very hard for borrowers to get financing.

By: Brad B

Brad B — Sun, 03 May 2009 03:34:23 +0000

Not to be so blunt, but yes you will probably be denied. Bank’s are taking extra precautions right now due to the foreclosure crisis. Even if you are approved it will probably be for an outrageous loan, and the last thing you would want to do is get in over your head again. When foreclosure has begun it will stick with you for a while. You should probably rent for a few years until things clear up.

By: golferwhoworks

golferwhoworks — Wed, 29 Apr 2009 17:57:26 +0000

it is a partial deed in lieu and it will be 4 years —sorry–conforming or FHA

By: Biggie @ Arbor Mortgage

Biggie @ Arbor Mortgage — Tue, 28 Apr 2009 21:33:14 +0000

They may not deny you, but it will probably be over a year before you can get into a new mortgage without putting a substantial amount of money down. Make sure that you are working on improving your credit right now.