I understand that you are going through a very difficult time and are not sure where to turn for assistance. I'm very sorry you are facing these difficulties.

My understanding of your email is that your current home has been listed for short sale and either you have sold your home, or it is being foreclosed on by the lender and you must be moved out of your home by August.

Due to circumstances, you were having difficulty making your monthly mortgage payments and were advised to stop making payments 7 months ago. Taking the advice you were given, you have not make payments on your mortgage and therefore your credit history has suffered and now you are unable to obtain financing in order to purchase a home to live in.

You are stressed, desperate and afraid you will not be able to find housing because even though you can afford a lower payment, your credit is damaged and you cannot qualify for financing.

I understand the stresses that have been placed on you and the enormous burden you are feeling. Don't give up! Your credit is fixable and there are reputable companies that can guide you towards rebuilding your credit rating. Right now, your immediate need is housing. You need to concentrate on finding a rental home in the community you want to live in. Landlords and management companies are aware of our current market conditions, and the resulting side effects of families losing their homes, and most are more than willing to work with you. There are a lot of rental homes available and your real estate professional can talk with the property management or landlord and explain your current situation. Renting for a year or two will allow you time for your credit to mend and for you to put some funds aside for your next home purchase.

More than anything, don't give up and don't despair. Please, contact me if I can be of further assistance.

Blessings,
Sherrilee Denton BA, REALTOR®, RECS, CNE, CSSS
Delivering Dreams Today, One HOME at a Time.
Our blessings come from helping others, how may we help you?

It will be hard for you to qualify for another loan at this time when your credit is ruined and you already mortgage on your name. At this time, the lender will check whether you can afford both loans and it seems like you cannot pay your current payment itself. My suggestion would be to sell this before foreclosure and if you can successfully sold your house then wait for 18-24 months until your credit score gets better and you can also save some money by renting out cheaper than your mortgage payment. I know its hard but you have to face, lots of other families are also in the same situation as you are, so don't worry, try to sell your current house as soon as possible before it forecloses....Good luck!

There is hope to purchase a home again!

Hopefully if you have it listed it will sell prior to foreclosure! If you recieve an offer a negotiating agent can extend the date with cooperation from the bank!

If you get some credit guidance you could be able to purchase again in a couple of years as long as it sells prior to foreclosure.

If you would like some guidance feel free to contact me!

Lucinda Tkach
Windermere

Also, if it turns out there is no way to be able to purchase one now... I can help you by setting up a custom search to lease a home while you wait for your credit to recover. But first ... let's check to see if you can qualify to purchase.

I can give you a lender recommendation to help you. If you're interested - contact me (click on my name in blue and select the contact button)