topic It is possible?? in Mortgage Loans https://ficoforums.myfico.com/t5/Mortgage-Loans/It-is-possible/m-p/114525#M4933 <DIV>To obtain a mortgage loan while in the process or shortly there after, once you have completed a short sale?</DIV><DIV>We could get pre-approved with no problem, my credit is still good and we could put down the earnest money.&nbsp; The builder is 9-12 months out and they would offer a price reduction addendum to cover us when the price drops prior to settlement. My scores right now prior the the short sale are 690-705, my husband is about 600 and not on the loan going thru Short Sale.</DIV><DIV>Shane have you ever dealt with this?</DIV><DIV>&nbsp;</DIV><DIV>TY</DIV><DIV>&nbsp;</DIV><DIV>&nbsp;</DIV> Thu, 13 Dec 2007 18:43:45 GMT Anonymous 2007-12-13T18:43:45Z It is possible?? https://ficoforums.myfico.com/t5/Mortgage-Loans/It-is-possible/m-p/114525#M4933 <DIV>To obtain a mortgage loan while in the process or shortly there after, once you have completed a short sale?</DIV><DIV>We could get pre-approved with no problem, my credit is still good and we could put down the earnest money.&nbsp; The builder is 9-12 months out and they would offer a price reduction addendum to cover us when the price drops prior to settlement. My scores right now prior the the short sale are 690-705, my husband is about 600 and not on the loan going thru Short Sale.</DIV><DIV>Shane have you ever dealt with this?</DIV><DIV>&nbsp;</DIV><DIV>TY</DIV><DIV>&nbsp;</DIV><DIV>&nbsp;</DIV> Thu, 13 Dec 2007 18:43:45 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/It-is-possible/m-p/114525#M4933 Anonymous 2007-12-13T18:43:45Z Re: It is possible?? https://ficoforums.myfico.com/t5/Mortgage-Loans/It-is-possible/m-p/115216#M4976 <DIV>It really comes down to how the lender will report the paid off&nbsp;mortgage to your credit.&nbsp; If they report it as "settled for less than the amount owed" then lenders will see it like a foreclosure... will want to see the Final HUD-1 on the sale of the property to find out the real story.&nbsp;&nbsp; If it simply reports as "paid" then lenders won't consider it a foreclosure.&nbsp; Further, if there are mortgage lates and/or&nbsp;a notation that says "notice of default" or "foreclosure proceedings started" then it would be treated as a foreclosure.</DIV> Fri, 14 Dec 2007 19:24:39 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/It-is-possible/m-p/115216#M4976 ShanetheMortgageMan 2007-12-14T19:24:39Z