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Shortsale Question--BETH!!!!
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Shortsale Question--BETH!!!!
One of my good friends is navigating a short sale with the bank. They cant afford the house and opted to give it up. If the short sale offer is accepted by the bank what happens then. How soon after can they realisticly expect to be able to buy a house????
It was a poor purchase for them. Moved to Suffolk and one still works in the city so the expenses became too much
Thanks for your answers.
Edited to remove personal info.
Message edited 12/7/2010 12:54:18 PM.
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Posted 12/7/10 12:53 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Shortsale Question--BETH!!!!
in 2 to 3 years they will be able to purchase another house again
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| Posted 12/7/10 4:12 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Shortsale Question--BETH!!!!
Posted by Beth
in 2 to 3 years they will be able to purchase another house again
Yes but at what interest rate?
It's not like a person who had a 780 credit score is going to have that same 780 credit score two years after a short sale. It's really not realistic, especially if they had delinquencies (which are usually required to short sale in the first place). Delinqencies + short sale will drop your credit over 100 points. And the delinquencies don't disappear off your credit as quickly as the short sale does.
http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm
That article mentions a minimum of THREE years before you can even consider FHA loan after a short sale.
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| Posted 12/7/10 6:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Shortsale Question--BETH!!!!
not at the going rate I'm sure- but that wasn't the question- who knows what rates will even be in 2 to 3 years
one of the attorney's I work with got a couple a new house 3 months later- they were not behind on the short sale house
the average we are told is 2 to 3 years to purchase again
every situation is different- it's hard to give one size fits all answers
different lenders have different requirments- things will be changing going forward I would bet as well
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| Posted 12/7/10 7:01 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Shortsale Question--BETH!!!!
Thanks for the answers. Much appreciated.
By then hopefully they are in a better place financially.
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| Posted 12/9/10 3:11 PM |
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