DEBTGIRL Posted February 11, 2009 Report Share Posted February 11, 2009 hOW LONG AFTER A SHORTSALE CAN YOU PURCHASE ANOTHER HOME. I WANTED TO WAIT A YEAR AND WORK ON SOME CREDIT ISSUES AND SAVE MY DOWNPAYMENT. HOW LONG WOULD I HAVE TO WAIT. I ONLY WNT TO WAIT A YEAR AND A FEW MONTHS. CAN SOMEONE HELP ME WITH THIS? THANKS IN ADVANCEDEBTGIRL Link to comment Share on other sites More sharing options...
someonesomewhere Posted February 25, 2009 Report Share Posted February 25, 2009 Have you searched the forums for "short sale"? Link to comment Share on other sites More sharing options...
scorch Posted February 25, 2009 Report Share Posted February 25, 2009 Link to comment Share on other sites More sharing options...
morrow Posted February 25, 2009 Report Share Posted February 25, 2009 That made me laugh. Link to comment Share on other sites More sharing options...
GAMtgGuy Posted March 10, 2009 Report Share Posted March 10, 2009 hOW LONG AFTER A SHORTSALE CAN YOU PURCHASE ANOTHER HOME. I WANTED TO WAIT A YEAR AND WORK ON SOME CREDIT ISSUES AND SAVE MY DOWNPAYMENT. HOW LONG WOULD I HAVE TO WAIT. I ONLY WNT TO WAIT A YEAR AND A FEW MONTHS. CAN SOMEONE HELP ME WITH THIS? THANKS IN ADVANCEDEBTGIRLHi DebtGirl,There is no hard and fast rule, as it will depend on what your previous lender indicated on your credit report. It is possible you could do this right away and the worst case would be 2 years. If you can't qualify for an automated approval loan through DU/LP (typical vanilla conforming loan), you could try an manual underwrite FHA. I would obtain a copy of your credit report and see what damage the short sale did to your credit. If you were 60 days or less, you may not have a tough time. If you were beyond that, you very well may face a 2+ year "wait"...GaMtgGuy Link to comment Share on other sites More sharing options...
DEBTGIRL Posted March 16, 2009 Author Report Share Posted March 16, 2009 Hi DebtGirl,There is no hard and fast rule, as it will depend on what your previous lender indicated on your credit report. It is possible you could do this right away and the worst case would be 2 years. If you can't qualify for an automated approval loan through DU/LP (typical vanilla conforming loan), you could try an manual underwrite FHA. I would obtain a copy of your credit report and see what damage the short sale did to your credit. If you were 60 days or less, you may not have a tough time. If you were beyond that, you very well may face a 2+ year "wait"...GaMtgGuy Thank you, it's listed on my credit report as " Settled for less than owed" Paid. I think i'm going to try a contract for deed for a while. I just about got all of my credit paid off. i think i will wait and give it time. Link to comment Share on other sites More sharing options...
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