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Answers (3)
- Wei Hwung, "EclaTek"
- Contributions:30
My understanding is that your credit score will be about 90 lower with short sale and it will come back a lot faster for short sale. Your credit score will be about 125 lower with foreclosure and you won't be able to finance for a little while. I am not aware of penalties to buy another house. The information is from courses about short sales and foreclosures I had some time ago.
if you owned the home for 17 years, how the heck was it a short sale?
Home prices are at least double what they were 17 years ago, even with the downturn, and 17 years ago, you would have had to make a downpayment!
Did somebody refinance and take a lot of money out of their home?
Home prices are at least double what they were 17 years ago, even with the downturn, and 17 years ago, you would have had to make a downpayment!
Did somebody refinance and take a lot of money out of their home?
- Larry Morris CMPS, "Oregon Mortgages"
- Contributions:45
That's a good question. A lot will depend on what the lender reports to the Credit Bureaus. I suggest that you look at your credit report several months after the dust has settled. Get together with a local lender taht you feel comfortable with and he/she should be able to position you to get back into a home when it is possible. Sorry for the vague answer.
I sold my house on a short sale. Can I be able to buy another house within a year with no penalties?
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