cancel
Showing results for 
Search instead for 
Did you mean: 

Loan after short sale

tag
Anonymous
Not applicable

Loan after short sale

My husband got orders to South Dakota from California.  Due to the horrible housing market, our house lost about $140k in value.  Due to the move, we decided to short sale our home.  The bank easily approved it because of the circumstances.  Now we are in South Dakota and planning on retiring here.  We would like to buy a home.  We have checked out credit scores (726) and reports.  The mortgage company reported the short sale as "paid as agreed."  According to one mortgage broker, it isn't indicitive of a short sale at all.  But because we had 1 late payment, he said we must wait 12 months for a new loan.  Another broker said the late payment was not a big problem, but she wants to tell the possible investors of the short sale so something doesn't come up later during the home buying process.

 

We haven't fully decided where to go for a mortgage.  But I am wondering if we have to tell them about the short sale at all?  If our credit scores are good and the short sale is reported in this way, will they know there is a short sale?  Are we required to tell them?  Is there any way they can find out about the short sale in another way?  We can easily afford a home here.  The mortgage would be about half of our mortgage in California.  Even if we had to move again, which is very unlikely as this point in my husband's career, we would easily be able to rent it out and our entire mortgage be covered.  And this would be for a VA loan.  Thanks!

Message 1 of 2
1 REPLY 1
StartingOver10
Moderator Emerita

Re: Loan after short sale

Yes, you need to disclose your actual loan/credit history.

 

 

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.