Property Q&A in Westminster>Question Details

azepp1234, Home Buyer in Westminster, MD

What are the credit requirements?

Asked by azepp1234, Westminster, MD Mon Feb 13, 2012

I am in a situation that my current home I might have to turn over to the bank..had several situations that led to this situation. Anyway I live in the area and my kids are in school and I dont want a dramatic move. My credit ofcourse is not that good but if I need a home the location is real good for me. I would have money for several months rent to get started..and would like to make the purchase between 12 and 36 months. If that seems like a situation that would work out I would like to schedule an appointment to look at property..not sure if you do that or if I need to contact someone else. Thanks

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You need to deal with your current home first. If you let it go to foreclosure, you will surely damage your credit. If on the other hand you short sell the home the damage will be small and the mortgage likely "paid as agreed' on your credit report. Until the house closes, you have a place to live. Once a contract offer is in place that is the time to go looking. More information can be had at or 301-502-5027
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1 vote Thank Flag Link Mon Feb 13, 2012
This home is under contract.
0 votes Thank Flag Link Mon Feb 13, 2012
Many home owners are in a similar situation these days.

If you have a enough money set aside to offer a double security deposit, that may help to alleviate the owners fears.

It is true that your credit score will recover more quickly from a shortsale than a foreclosure.
Under current guidelines, you would be able to purchase 2 years after the shortsale , for a foreclosure that time frame is 3 years and if there is a bankruptcy involved the 3 years starts after the the bankruptcy has been completed.

Please talk to a Realtor trained and certified to do a shortsale before making any decisions, look for the CDPE designation after their name.

I know this is a confusing process and I would be happy to answer any additional questions you may have 443-807-0419
0 votes Thank Flag Link Mon Feb 13, 2012
Very true if the bank forecloses on your home it could take several years for you to be able to recover your credit in order to purchase a new home. However, there are other options. Talk to your bank regarding the possibility of doing a short sale. This will help with your credit and usually will not end up with a defincency balance. In this type of situation I have seen many people be able to recover within a year. You can call me to discuss forther and I can give you more details. (410)725-1233.
0 votes Thank Flag Link Mon Feb 13, 2012
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