11-09-2013 05:08 AM
After 2 years of the first delinquency, my short sale is now officially closed.
I would like to hear from people that have had a short sale and have also gotten a loan afterwards.
How long after the closure of your SS did you get a loan?
What type of loan was it?
I am just trying to see what I can do to improve my chances of getting a loan in the future.
Any advice is appreciated.
My credit score is a 686. No other delinquencies, etc....
11-09-2013 05:10 AM
For purposes of obtaining a new mortgage, the clock starts from the date the short sale closed and the deed was transferred to the new buyer, not the date of first delinqency.
So when did you have your short sale closing?
11-09-2013 05:17 AM
So it will take a month or so, for the credit bureaus to report it as closed, but the damage is already been done as far as the credit score goes.
Or am I incorrect?
11-09-2013 02:52 PM
Hello, i am told that your short sale will effect your ability to get a loan for 2 yrs, after the short sale is complete, mine was complete on Oct 15 2011 but lenders wont touch me and my credit score equifax is 747 , expirien 730, trans union 737
11-09-2013 02:57 PM
I can't you believe you can't get a loan now, with those scores. It would seem to me if you have that type of credit history and a consistent employment, someone should allow you to get a loan, rather than judging people what's on a piece of paper.
11-09-2013 06:15 PM
My short sale closed in October 2012. Both my husband's and my credit scores have come back up, since nothing has been delinquent except the mortgage payments. Our short sale was due to a job loss and having to move out of state. FHA will approve borrowers who lost their home due to hardship. The wait is now 12 months. A conventional loan is still 2 years post short sale.
We are hoping to purchase a home in 2014 and go the FHA route. All of our money was tied up in the other home, so we don't have 20% down.
11-09-2013 06:52 PM
you can buy with fha right now if you were current on the loan when it sold.
any lates and you have to wait 2yrs or more.
11-10-2013 07:38 AM
VanRickets is correct. I spoke with a rep from FHA about this very issue. I had a DIL complete in Aug 2013 and I would be looking to go this same route with FHA in the next 12 months.
11-10-2013 08:40 AM
I also attempted a loan modification , which requires u to be 2 or 3 month late to seriously be considered for the Mod. The loan was brought current in April of this year , and i am told that u have to wait 1 year past your last deliquency before you can refi , so waiting for April 2014
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.