Please feel free to PM me for more details.
I have asked this question 3 times. The first one didnt state that I had a shortsale a year ago. I had many good responses and when I followed the lead, the shortsale was a deal breaker. Then I asked more specifically stating my short sale. I got a good answer regarding getting a 3 year short term loan until I could refinance, so that was my last question. I am trying to get information and trying to be as specific as possible, that is why there are 3 questions.
I noticed that in the past few days you have asked this question on Trulia four times and in four different ways. In looking at all the replies, you have received some very good information. Is there something you need to know that has not been answered by all the replies to your questions? If so, you might want to state that specific area of concern so that area alone can be addressed.
Chase International Real Estate
So, yes we understand we will have to pay a higher interest rate but also understand we will refinance shortly. I just hate throwing money away on rent.
Thank you for your answers.
Seller financing is a real option- I manage a few homes owned outright by my investors- BUT- expect to pay more for the house AND the mortgage. Most people purchased from 2004-2006, and if they own the house outright they are not going to lose their shirt by offering you the house at 2010 pricing.
If you don't like this, or think it's unfair, then pass on it.
The one thing that will improve your credit scores the most is aging- the less recent these lates are, the less impact they will have on your scoring.
A pre-paid credit card can also help, but realize that FICO scoring of primary mortgage payments is about 50% of your score- so those mortgage lates are tough to mitigate when you no longer own a home to show timely payments.
You need to realize that no institutional lender is going to give you a loan right now- and why would you want to get right back into the same situatiohn you just got out of with a private investor with super high interest rates?
Everyone who has experienced a Short Sale, Foreclosure or Deed in Lieu has concerns about their credit and wants to know when they will be eligible to, again, purchase property.
As you have been through a Short Sale, you probably have some delinquencies on your credit history. When you apply for another loan, it will be imperative that your credit score be the best it can be for your situation.
That being said, I would suggest that right now you take action to clear any delinquent credit history as much as possible.
Once you know what to do, there is no charge to do this repair. Therefore do not fall prey to any of these advertisements that "guarantee" you a great credit score for the low of payment of $49.95 or whatever.
The State of Nevada is fortunate enough to have a United Way agency that assists consumers with a definitive plan of action to manage their credit and debt situations. They will assist you in determining what steps you can take to maximize your best results for a good credit history in a given period of time. Office locations are in Reno and Vegas and they do travel to some of the outerlying towns..
Consumer Credit Counseling Service is a non-profit organization open to anyone. It will provide you the tools and education to help you take control of your situation. Regardless of the reasons for your financial situation, they will work with you. There is NO charge for their services. They are funded by the United Way as well as grants. They are also a HUD approved assistance organization. The director in Northern Nevada is Jill Perry. 800-451-4505 or 775-337-6363. Website is http://www.ccanevada.org
I hope you will give them a call. There is no cost or obligation to do so. The best to you.
Patricia Jewett, Realtor
Property search: http://renohomesforsale.listingbook.com
Chase International Real Estate
985 Damonte Ranch Parkway Suite 110
Reno, NV 89521
If you have a short sale but were never late on payments with no 30 day late in the last 12 months and you have a minimum FICO Score of 650 you would be able to purchase a new home as long as it was not a government loan.
You would also need to have a an extenuating circumstance that caused the hardship that forced you to have the short sale.
Most people would not fall into this category but in case you do there you go.
Try Stephanie Hanna Acadamy Mortgage at 762-9114 firstname.lastname@example.org . She is pretty creative and good.
The question that comes to mind is why haven't you cleaned up your credit by now? Just google or you tube how to repair credit. From what I understand; most people just dispute the negative item and by law they have 30 days to correct it.
Go to http://www.annualcreditreport.com and you can get all 3 bureaus for free once a year. 2 out of 3 of them will let you dispute online.
I also touch on credit repair under the category of credit repair on my blog at http://www.renohomevoices.com .