shortsale

[weallneedcredit]

Was wondering if anyone knows how much time it's take to get into another mortgage after a Bank short sale? Also I hear some people stating that their credit wasn't affected at all but then others say that their credit was ruined. Can someone shed a little light???, thanks in advance

[willo]

Was wondering if anyone knows how much time it's take to get into another mortgage after a Bank short sale? Also I hear some people stating that their credit wasn't affected at all but then others say that their credit was ruined. Can someone shed a little light???, thanks in advance

 

Well, mine seems to be pretty much in the dirt.... I've been told two years (its suppose to be 3years?) but I'm a no0b here so I'm interested in hearing others stories..

[dracos]

For me and my wife it took 4 years, we are just now at a point where we can purchase a home. Finally got a preapproval letter today.

[Em n EM]

fha says 1 year before you'd qualify. But you need to get your score up 1st, everyone is different. good luck

[hrguy]

FHA would qualify in 1 year if you had extenuating circumstances, which would mean death of spouse/child, job loss beyond your control or moving for a job that was not within reasonable driving distance from the home, otherwise it is 3 years.

Edited March 7, 2013 by hrguy

[glicenji]

We sold our house in Dec. 2012. BOA wont approve it unless we were 30 days late and until the last month we were current on payments. So we ended up closing the short sale with only 30 days late. My credit went from 780 down to 725. Not bad at all. The problem is I still can't buy a house for 2 years conventional or 3 years FHA, no matter what I say. Anyone is in the same situation?