Home Buying in Phoenix>Question Details

jrogers95, Home Buyer in Phoenix, AZ

Do waiting periods to buy following short sale apply if there is no evidence of it on your credit report?

Asked by jrogers95, Phoenix, AZ Mon Sep 17, 2012

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12
This is a great question and you should contact a lender that I work with. I was talking with her on the phone this morning about this exact same scenario! This is really ironic. Korene will know the answer!

Korene L. Clopine-Seaman
Senior Mortgage Originator / Team Leader / Mortgage Lender
NMLS# 218520
AZ License # LO-0916745
CA License # DOC-218520

Direct Phone: 623-340-0934
Fax: 623-218-1807
1 vote Thank Flag Link Mon Sep 17, 2012
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
0 votes Thank Flag Link Sun May 12, 2013
Programs exist that allow you to get a new loan the day after your short sale closes.

Best if we discuss your situation and the connect with the right lender.
0 votes Thank Flag Link Sun Sep 23, 2012
Every person situation is different. The best way to find out where your credit stands right now as it pertains to purchasing real estate is to speak with a lender. If you need some, I'd be happy to provide you with a few I work with. Regads,
0 votes Thank Flag Link Tue Sep 18, 2012
There are conventional loans available immediately after short sale whether it is on your credit report or not. If you did not miss any mortgage payments it will be even easier to a get loan.
0 votes Thank Flag Link Mon Sep 17, 2012
To give a little more info, this was a bit of an unusual circumstance. The bank was dissolved and taken over by the FDIC. The FDIC approved the short sale. The FDIC does not have any entries on my credit report and the bank entry simply states that it was "closed due to transfer or refinance".
0 votes Thank Flag Link Mon Sep 17, 2012
If I am understanding you correctly:
You had a Shortsale on your house, some time ago.
And you are concerned about the adverse effects to your Credit Report:
Correct?

I believe that it takes a while for a Shortsale or a Foreclosure to appear.
If it has been a while, and it doesn't, then the credit fairy must have sprinkled you with dust.

Waiting periods have nothing to do with anything; it is the date of the Sale that would matter.
0 votes Thank Flag Link Mon Sep 17, 2012
I agree with Jennie Miller. This is a question best directed at a well seasoned, professional lender. Your short sale may not show up on one credit reporting agency's books, yet there are three that will be poled when applying for a loan.

Personally, I like:

Judy Giel
Senior Loan Officer
Guild Mortgagge
jgiel@guildmortgage.net
480-499-3153
0 votes Thank Flag Link Mon Sep 17, 2012
Jrogers95,

Your lender will mark your loan as "settled". The only impact to your score would be if you did not pay your mortgage up until the closing. None payment of your mortgage will effect your credit score more than a short sale. Since your lender will mark your credit score as settled you will still need to wait to purchase another home under FHA guidelines.

As an alternative, I work with a lender that is able to provide a second chance loan to people that just completed a short sale or foreclosure. The loan is a 3 year loan where you will be require to refinance the loan once your waiting period is over. This is a great way to take advantage of today low real estate prices and start earning equity now as apposed to 2 to 3 years from now.

If you would like to hear more about this loan program, then please feel free to contact me.

Sincerely,


Sean Heideman, Broker
Position Realty
Office: 480-213-5251
0 votes Thank Flag Link Mon Sep 17, 2012
When did you short sale and when are you looking to buy? It is highly unlikely that it will not show up on your credit report if you were on the loan.
0 votes Thank Flag Link Mon Sep 17, 2012
If there is no evidence of a short sale on any of the three major credit bureau reports (Experian, TransUnion, Equifax), then you should be fine. Have you checked your mortgage accounts on the credit report? Those will usually say "settled for less than owed", or something similar - that is the indication of a short sale. It may not specifically say "short sale". The best way to know for sure, instead of guessing, would be to have a lender pull your credit and tell you for sure. There would be no cost to do this. I know a great lender - Simma Robbins w/ iMortgage. Give her a call at (480) 710-4636! :)
0 votes Thank Flag Link Mon Sep 17, 2012
This was a bit of an unusual circumstance. The bank was dissolved and taken over by the FDIC. The FDIC approved the short sale. The FDIC does not have any entries on my credit report and the bank entry simply states that it was "closed due to transfer or refinance".
Flag Mon Sep 17, 2012
The best thing to do is ask a lender if you qualify and that will tell you where you stand.
Here are some lenders you can call.
Sam Sanandajifar
Loan Officer NMLS ID# 376769
New American Funding
Direct: 800.450.2010 x7198
Direct: 949.385.7083
Fax: 949.385.7096
Email: sam.sanandajifar@nafinc.com
Web:newamericanfunding.com

Eric Rogers
Mortgage Consultant
V.I.P. Mortgage, Inc
Phone: 480-553-8484
Fax: 480-223-6392
Mobile: 602-430-3949
ericrogers@vipmtginc.com

Mike Kortas
Loan Officer: Nova Home Loans
480-228-5442
480-389-2573Fax
mike.kortas@novahomeloans.com
http://www.MikeKortas.com
0 votes Thank Flag Link Mon Sep 17, 2012
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