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Answers (22)

- Sharon Lewis, "Sharon Lewis"
- Contributions:3912
Hopefully your received your answer by now as you posted this in July of 2009! Cary is a great place to live, we love it!

- Ken Burrows, "FNBank"
- Contributions:8
Sunnyview, I work for a Federal Bank. First National Bank. We are exempt from licensing in all 50 States. We do offer loans for people after a short sale. If you have further questions click on my name (profile) and you can locate my contact information.

- Ken Burrows, "FNBank"
- Contributions:8
We issue loans to borrowers after a short sale. Get into touch with me, I can help you.
Ken Burrows
[Contact info removed by moderator]
Ken Burrows
[Contact info removed by moderator]

- Jacob Bon, "Jacob Bon"
- Contributions:2
Getting a mortgage after a short sale is very cumbersome task. However you need not to be despair if you take the right action. It is perfectly possible to get a mortgage after going through a short sale.

- Chris Oliver, "Chriso8049"
- Contributions:54
I heard form a local appriaser yesterday that the Senate and House of Rep. are consdiering a bill that would allow previous owners who had to short sale; the ability to purchase again after 6-9 months. I have yet to look into this further,but she said that it was already approved in the Senate but was waiting approval in the House.

- Laura21760
- Contributions:2
Does anyone know if the waiting period is 2 years from the date the short sale closed or from another date? When should I begin attempting getting a mortgage? The short sale closed on 1/9/09. Thanks.

- Laura21760
- Contributions:2
Is the waiting period 24 months after the sale - as in the closing date of the short sale, or another date?

- Natasha Kennedy, "Natasha Kennedy"
- Contributions:487
One of my colleagues had a client who was able to get another mortgage right away even from the same bank. They just had presented their case very well and they got an understanding person on the other end. I think human factor plays a big role in this process.

- Linda Strasberg, "L Strasberg"
- Contributions:2314
You are required to wait 2 years

- Nan P
- Contributions:7
I just want to correct some of the previous answers, in that - in my experience - I was unable to get the short sale approved UNTIL I was behind in mortgage payments. My situation also involved a transfer and an immaculate payment record. I was advised by my lender (Countrywide/BOA) that a short sale would not be considered until mortgage was at least 90 days in arrears. Thus, how could on-time mortgage payments be factored into new mortgage approval?

- Johnny James, "Palmdale Mortgage"
- Contributions:406
usually 24 months after a short sale you are okay

- linda austin, "austintowers"
- Contributions:1
Linda Pettaway "Envision lending Group"
Shortsales has been told to the people that's it a shown as a forecloser on their credit report. If you stay current on your mortgage while the shortsale process is going on, you can purchase with a mid 640 or higher credit score. Continue to maintain your good credit, you will be able to purchase.
Shortsales has been told to the people that's it a shown as a forecloser on their credit report. If you stay current on your mortgage while the shortsale process is going on, you can purchase with a mid 640 or higher credit score. Continue to maintain your good credit, you will be able to purchase.

- Julie Messina, "CNN Mortgage"
- Contributions:70
With the exception of private money (hard money) financing, after any kind of default on a mortgage you can generally expect to wait four years for new conventional financing, or three years for a new FHA loan.
Lenders have set the bar at 620 to obtain an automated underwriting (AUS) approval, and the trend is moving up (some lenders like Chase have set the bar at 660). Monitor your credit scores and pay rent on time as your rental housing history will count when you apply for a mortgage down the road.
Fannie and Freddie (who are owned by our government) are requiring that lenders adhere to the AUS decsion if they want to close loans that can be sold (about 85% of all mortgages originated today are sold to these Agencies). The AUS engine reflects current Agency credit policy in this market. I think you would be setting yourself up for disapointment if you expected to get an Agency loan in under 3 or 4 years.
You are not alone...Many good people have seen thier credit rating tank due to high leverage when the value of thier (RE) assets fell and we are still not out of the woods yet. Hang in there. Time cures everything.
Lenders have set the bar at 620 to obtain an automated underwriting (AUS) approval, and the trend is moving up (some lenders like Chase have set the bar at 660). Monitor your credit scores and pay rent on time as your rental housing history will count when you apply for a mortgage down the road.
Fannie and Freddie (who are owned by our government) are requiring that lenders adhere to the AUS decsion if they want to close loans that can be sold (about 85% of all mortgages originated today are sold to these Agencies). The AUS engine reflects current Agency credit policy in this market. I think you would be setting yourself up for disapointment if you expected to get an Agency loan in under 3 or 4 years.
You are not alone...Many good people have seen thier credit rating tank due to high leverage when the value of thier (RE) assets fell and we are still not out of the woods yet. Hang in there. Time cures everything.

- Robert Lowery, "Bob Lowery"
- Contributions:2097
That is a tough position to be in.
I am very impressed with Bob and Team Coldwell answers for being agents. Their advice and knowledge was better than most of the LOs on the thread. Very scary.
I am very impressed with Bob and Team Coldwell answers for being agents. Their advice and knowledge was better than most of the LOs on the thread. Very scary.

- Juls225
- Contributions:3
We too sold our home as a short sale in Vegas due to a job transfer. I've read that if a person has extenuating circumstances, like a job transfer, they maybe can get another mortgage. Not true, as we tried and will have to wait the two/three years. It saddens me that before this short sale we ALWAYS paid on time, and this job transfer was not our doing, but now we cannot get a mortgage due to short sale showing on our credit. We are good people and pay our bills on time(i'm a junior accountant so i know better not to pay our bills)... but when the company says your being transferred in two weeks - then what are you to do?

- Bob Duckworth, "Bob Duckworth"
- Contributions:96
Currently, short sales are reported the same as foreclosures, as a relief of debt, and have an adverse effect on our credit rating. Even if you were current on your payments, you should expect your FICO score to drop by 100 to 300 points following the short sale, depending on the situation. Fannie Mae guidelines say you can apply for a new loan immediately after a short sale IF you kept the payments current, had no delinquencies of more than 30 days and did not agree to debt relief repayment. If you were behind, Fannie Mae requires a 24 month wait after a short sale before applying for a new loan. Keep in mind, however, that the interest rate may be considerably higher than the prevailing rate. You may well be seen as a high risk borrower because of the previous short sale.

- Kendall Fulton-Barnes, "kfb1"
- Contributions:2
Most short sales are look at as a forclosure, which mean you can not purchase for thee years. But if their are compensating factors the possiblity of getting a loan is good.
Yes, but it depends on your credit. Most people who conduct a short sale are most likely late on your mortgage. Mortgage lates and a low credit score will hurt your chances of obtaining a mortgage.
If your credit is great and there are no mortgage lates, just a short sale. Then you shouldn't have any issues getting a new mortgage.
If your credit is great and there are no mortgage lates, just a short sale. Then you shouldn't have any issues getting a new mortgage.

- Nathan Wolf, "natewolf"
- Contributions:1825
You should contact a lender and/or obtain a copy of your current credit report. There is always a way to purchase, even with poor credit. Non-bank financing such as seller financing, assumable mortgages (they're out there, and making a come-back), and a lease-purchase which after 1 year can often be "refinanced" as a mortgage refinance. So, find out where you stand now-- how it's showing on your credit file. Then ask your question again.

- Sean Cochran, "scochran1"
- Contributions:119
It is all going to depend on how it reports on your credit bureau. If you were on time with the mortgage with no delinquencies, then yes. You should be able to get another loan. If your credit shows that you were late or almost in a foreclosure, then no.


Can i get a mortgage after a short sale?
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