I did a short sale 2 years ago this August, and would like to buy again. Looking for advice.

  • June 03 2012 - Allen
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Answers (6)

A short sale typically goes against your credit for 3-5 years, while a foreclosure goes against it for 5-7 years. I have seen individuals with great credit who had a short sale which pulled down their credit rating, but because their rating was so high to start with they were still able to buy again within a year. 

I would start by sitting down with a HUD counselor to go over your options - look at your debt to credit ratio, your credit rating, your overall financial status and have them help you develop a timeline for buying your next home.  Find out if there are any issues on your credit report that you are unaware of and then take the appropriate steps to fix them (the HUD counselor can help guide you on how to do this).  many good local lenders and Realtors are also willing to provide guidance and assistance.
  • October 23 2012
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  • October 23 2012
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Review your overall readiness to buy.   How large of a mortgage payment can you afford relative to your income.

You can lower your current payments relative to your income in a few ways...making payments on multiple high interest credit cards?   See if you can get a personal loan [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Making payments on an auto loan?  Try to refinance at a lower rate or payment:  [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • October 16 2012
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That all depends.it depends on what you will be qualified at thisnpoint and more importantly asking yourself some honest questions about your plans moving forward, Did you take on more debt in 2 years? Did you add to your savings ? What is your motivating factor for purchasing? What does your total financial picture look like? It may be a great time for you or maybe not. Even if you qualify it may be best to wait and pay some things off, you want to avoid some of the pitfalls that happened the first time that lead to a short sale situation.You would have to be CERTAIN that the lender OR COLLECTION agency will not be knocking at your door in a few more years. Some sellers,even with a release of deficiency Judgement ,are seeing collection agencies calling them. You do not want to have a new home and title and someone wants to harass you for thousands of dollars. Get Preapproved,, Plan, Prepare and Payoff what you might need in order to be living comfortable and this way you are ready for anything unexpected situation that might come along.
  • June 03 2012
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I suggest that you meet with a few lenders and check out your readiness to purchase at this point.  Good luck!
  • June 03 2012
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Not all short sale situations are the same so the first thing you should do is pull your credit report and credit score, so you know where you stand. I'm in your area, so I would be glad to put you in contact with a lender that will work with you. Check out these site links to get your credit info.

Free credit report site: www.annualcreditreport.com
Free credit score site: www.creditkarma.com
  • June 03 2012
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