Korene L. Clopine-Seaman
Senior Mortgage Originator / Team Leader / Mortgage Lender
AZ License # LO-0916745
CA License # DOC-218520
Direct Phone: 623-340-0934
You had a Shortsale on your house, some time ago.
And you are concerned about the adverse effects to your Credit Report:
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.
Personally, I like:
Senior Loan Officer
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.
Sean Heideman, Broker
Here are some lenders you can call.
Loan Officer NMLS ID# 376769
New American Funding
Direct: 800.450.2010 x7198
V.I.P. Mortgage, Inc
Loan Officer: Nova Home Loans