Home Buying in 85032>Question Details

Donj, Home Buyer in 85032

we had to short sell our house due to the down turn in the housing market. My Job as a construction estimator

Asked by Donj, 85032 Wed May 13, 2009

was treminated. Then was forced to reocated to another city 4 hrs away to another city. could not keep up 2 households so was forced to short sale. will the banks take into consiseration of a hardship in certain cases in order to purchase anothe home? This is the only black mark on out credit.

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After a short sale,you will be able to purchase another home in 2 years however if you do not have a 60 day late payment you may immediately buy another home.
1 vote Thank Flag Link Wed May 13, 2009
You will be able to buy again, it just takes some time.How long has it been since you're short sale? What's your current credit score? How much will you be putting down?
1 vote Thank Flag Link Wed May 13, 2009
It all depends on your credit. If you haven't done so already I'd suggest talking with a lender. I know a lender who will pull your credit for free and offer free consultations. Please call me if you would like to discuss this further. Thanks and have a great day. 480-227-1904 Susanne Roman, Home Smart Realty
0 votes Thank Flag Link Wed Sep 8, 2010
There is no easy answer to your questions because there are so many variables involved. Each circumstance is different from the next. The best advice that I can give you is to find a good mortgage person to share his/her expertise with you. One very important factor is whether you fell behind on your payments during the short sale process. I have heard so many different time frames on when a short sale or foreclosure will or won't stop you from your next home purchase. I personally believe that those time frames will change from time to time depending on what is going on in the market. It could be longer or possibly even be shorter. Since I am not in the mortgage business, these are just my opinions. Best of luck to you!

Sharon Scholl
0 votes Thank Flag Link Wed Aug 25, 2010
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