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I short sold. My credit score went down about 50-60 points. I haven't tried to buy anything since, so I don't exactly fall into your category. It shows up as paid as agreed less than full amount on my credit report. It didn't hurt me when federal LE was looking at my credit as they didn't even ask about it. If you're sitting on a headache....sell that house!
toothfairy
2012 May 28, 8:13am
I doubt you can qualify for a mortgage if you're sitting on an underwater property.
I also doubt you'll qualify for a short sale if you have the means to acquire more properties.
BayArea
2012 May 28, 9:24am
I doubt you can qualify for a mortgage if you're sitting on an underwater property.
I also doubt you'll qualify for a short sale if you have the means to acquire more properties.
Not true on both accounts. Your information has to be dated sir.
toothfairy
2012 May 28, 11:39am
My most recent info says that you will not qualify for a short sale unless there's a hardship. If you have loss of income they will modify your loan and lower the payments.
You can do a short sale if you strategically default and stop paying
but that's a bigger hit to your credit.
With bad credit pretty much FHA is the only way you'll get a mortgage right now.
FHA is supposed to be extending the lockout period for strategic defaulters to 7 years. Not sure if this has been implemented yet.
Do you have a second mortgage on the property?
There's also this
http://www.youtube.com/watch?feature=player_embedded&v=jOTQBl3eUs0
I short sold in '08. My credit took a bit of a dive due to the late payments that racked up in the months prior.
It's been four years (just passed the SOL period), and my credit score is somewhere around 690, dragged down mostly by a credit card I purposely didn't pay off, though that I now plan to ASAP.
I haven't even looked into getting another mortgage because I think homes are still overpriced in the areas I'd want to buy.
bubblesitter
2012 May 29, 6:06am
I haven't even looked into getting another mortgage because I think homes are still overpriced in the areas I'd want to buy.
Wise decision.
Hi folks,
I'm interested to know if there are any members here who went through the short sale process since 2009 and either have bought since then or are attempting to buy since then now. I'm curious as to what your experience has been in acquiring new property since the short sale.
I've read that a short sale will certainly be a credit blow, but not as big as a foreclosure.
If you are heavily underwater on your loan, but are actively involved in real estate and want to be able to purchase several properties in 2012-2013 for example, should a short sale be considered on the current underwater property or is it out of the question?
I guess where this is leading is to the following question: If someone goes through the short sale process, how difficult will financing the next property be?
There's always the option to purchase the investment properties first and then short sale.
What do you guys think?
BayArea
#housing