Honestly, it sounds like you are in a tough spot. Credit score is fine, but the date of the release on your 2nd is going to determine when you can get a new loan. You are put into a "penalty box" when you go through a short sale, foreclosure or bankruptcy. The clock starts once the banks "clear" (not the technical term) the paperwork, not until then.
I have a broker that you can talk to that can point you in the right direction. Even if you are in a bad spot today, they can help give you a timeline so that you know what to shoot for. There is also a chance that you can look for owner finance properties, although those are few and far between too.
Just reach out.
Broker Baird & Warner
15000 s. Cicero ave
Oak Forest, ILL. 60452
I am a Mortgage Lender that lived in Mokena for over 25 years .. and now live in Lockport/Homer Glen. I've served Chicagoland Mortgage Borrowers for over 36 years. Please contact me at your convenience so we can talk and get started. My contact info, etc. can be found on my website at: http://www.genemundt.com.
I look forward to speaking soon,
Contact me anytime 815-791-3150 or Aj-Nichols@kw.com
You need a lender that can work through the exact details of this. As mentioned, this will partly have to do with the dates of record for certain actions on the 2nd mortgage. It can be tricky to navigate and get a clear understanding f the situation and you want someone that can not only do that, but can then impart to you exactly where you stand and how to get where you want to be. (if you aren't there already)
I'm available to help you at your convenience if you wish.
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
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