Profile picture for johnnylaw

Looking for a loan 1 year after short sale?

Does anyone know of a credible lender who will lend 1 year after doing a short sale?
  • October 05 2010 - Rocklin
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Answers (12)

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  • September 29 2012
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George,
Is this a portfolio program that you offer? How much would the customer have to put down? 

I do know of hard money lenders that will provide financing to pretty much anyone but the customer has to come up with 50% down and they can expect to pay an interest rate of 12%+ and 5+ points at closing.

If you truly have a program that offers customers the ability to purchase another home within 1 year of short sale, I will be sending quite a few referrals your way. Unfortunately, in this industry, if it sounds too good too be true, it usually is.
  • August 19 2011
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Profile picture for sunnyview
OOoooo. Show me the magic. I want to see the magic. While you're at it, can you make a butterfly girl levitate like Doug Henning?
  • July 26 2011
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George,

If you are going to claim other folks have given bad or innacurate advice.  Enlighten us! 

It sounds to me like you are claiming someone with a short sale just over a year old can obtain financing...without having a hardship and with being delinquent on the mortgage at the time of the short sale...Do tell what magic program you are offering!
  • July 26 2011
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The answer is yes! Sorry to catch up with question so late, but contrary to what was stated below, there is a loan program that offers borrowers an opportunity of buying a home one year after a short sale. Since this question is nearly one year old, I can assure you, provided you have maintained a good credit history after the short sale, your loan would be even easier to do now. Feel free to contact me and I will give you the details.

Best of Luck!
  • July 25 2011
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Profile picture for Sharon Lewis
Good luck to you. Talk to a local lender too to see what they have to say.
  • July 09 2011
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If you were on time with your mortgage for the 12 months preceding the short sale and you have a legitmate hardship.  You can in fact obtain new financing.  Ed was correct.  The late kills any chance of obtaining financingin less than 3-4 years.

Anyone that tells you not to make a mortgage payment is giving you really bad advice! 
  • July 08 2011
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Profile picture for sunnyview
No lender I've heard will do a loan in a year after short sale.
  • July 08 2011
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You have to wait at least 3 to 4 years before you will be able to find financing. In the meantime, try to make all of your payments on time and keep you credit in good standings.
  • July 08 2011
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No problem Pat, just have to work on getting the late cleared up as we discussed on the phone.
  • October 06 2010
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Profile picture for johnnylaw
Thanks Ed,

We were up to date and moved out, into a rental, since the original "cash offer" was about to close. The COE date came and went. After extending escrow for 60 days, during which time the bank and my realtor told me not to worry about paying my mortgage, we stopped. So yes, we show late prior to the COE on the short sale, but had never been late on a mortgage payment for the preceding 19 years.

Pat
  • October 06 2010
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Johnny, did you have any mortgage lates or any other late payments on credit the year prior to doing your short sale?
  • October 05 2010
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