Comments on: The Truth About Getting a New Mortgage after a Short Sale

By: Ken Mascia

Ken Mascia — Wed, 21 Mar 2012 13:44:47 +0000

Diana,
You don’t. As stated in the blog post and above answers, After short selling your home it will be at least 2 or 3 years before you will be eligible for a new mortgage.

By: Diana

Diana — Wed, 21 Mar 2012 04:04:04 +0000

We are short selling our condo because of the market conditions. We have a condo that is in a good neiborhood, but the HOA is running it down and market conditions are bad. We have come into an inheritance of a a lot of money, and we want to buy again. We will need a mortgage of about $60,000.00: how do we do this?

By: Ken Mascia

Ken Mascia — Mon, 19 Mar 2012 13:29:32 +0000

Dan,
Whether you can short sell the house is completely up to the lender. I can’t say whether their decision will be impacted if you get a job. Unfortunately, I can’t tell you what to do either. You need to do what you feel is best for yourself.

By: Dan

Dan — Sat, 17 Mar 2012 21:56:15 +0000

My mortgage company, GMAC, has offered us a short sale opportunity. I am currently unemployed, making reduced payments (runs out November 2012) and am under water by at least 50k. I could be getting a new job soon, however. Can I still short sale it once I get word that I got the job? Or do it do it now even though I have no place to live set up at this point (and of course, no job).

By: Ken Mascia

Ken Mascia — Wed, 07 Mar 2012 16:53:02 +0000

Rob,
If you were not obligated on the mortgage then you will be unaffected by the shortsale.

By: rob

rob — Wed, 07 Mar 2012 04:19:54 +0000

What if you were on the deed of the short sale through marriage however there was in no way was there any financial obligation to me or my credit. The condo, loan etc… was all in my wife’s name.

By: Ken Mascia

Ken Mascia — Thu, 01 Mar 2012 15:09:54 +0000

Ed,
Because that loan is going to be considered in default it would be a minimum of 3 years after the short sale date before you would be considered eligible for a new mortgage. The loan should show on the credit report as “settled for less than full balance”

By: ed

ed — Thu, 01 Mar 2012 01:48:50 +0000

What happens if I settle with the lender. Will I still have to wait to purchase a mortage. Or can I proceed for a new mortage. And what exactly must my lender write on The settlement documents

By: Ken Mascia

Ken Mascia — Wed, 29 Feb 2012 20:39:17 +0000

Edwin,
Based on today’s lending guidelines, As long as you have an outstanding balance on a mortgage charge off you will not be able to obtain new mortgage financing. You would have to settle that account with the lender.

By: edwin choute

edwin choute — Wed, 29 Feb 2012 19:16:02 +0000

This is my email address

By: edwin choute

edwin choute — Wed, 29 Feb 2012 19:14:32 +0000

I had an equity line of credit and just short sale on a house. The title was under both my wife and I. But bank of America charged off the account. It,s been two years since the short sale. Will I be able to get another loan and when,. If not how will I able to get another loan because I can,t afford to pay the charge off loan amount. Is there any loans for me out there .my credit score after the two years is good. Another thing is that boa said I was 30 days late on my payments. I tried to settle with boa but they were asking for a high price I couldn’t. afford. I even got a lawyer to help but boa wouldn’t settle. What should I do now

By: aertuy

aertuy — Sun, 26 Feb 2012 18:10:27 +0000

Mortgage buyer Freddie Mac said Thursday the rate on the 30-year loan rose to 3.95 percent. That’s up from the previous week’s rate of 3.87 percent, the lowest since long-term mortgages began in the 1950s.
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