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60143 : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 5
Mon Mar 13, 2017
Chrisheim answered:
Lots, what state? Can the borrower prove income with bank statements, taxes or W2 and pay stub or are the business owners?
loanshark.online 970-476-5547 Loan Shark
0 votes 7 answers Share Flag
Wed Mar 27, 2013
Lester S. answered:
The primary negative impact on your credit reporting comes from your missed/delinquent payments, if any, not from the "event" itself (short sale transaction) and there is absolutely no negotiating of that.....the lender will report your missed payments and the credit bureaus will determine how they calculate your scores, period. Generally, if all else is good, it takes 3 years to re-qualify for a mortgage loan, unless there are some extenuating special circumstances. I have heard of 1 lender who will qualify you immediately post short sale if you have NOT missed any payments during the process, but have not actually seen it done.

Regards,

Lester S.
"Lester the Lister"
CDPE (Certified Distressed Property Expert)
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
... more
0 votes 4 answers Share Flag
Sun Mar 7, 2010
Anna M Brocco answered:
Not knowing your financials--Protect yourself before considering a short sale, and consult with an attorney who specializes in real estate--do you have other assets that could be at risk if the lender decides to seek the difference between the sale and money owed--you will need to repair your credit after the short sale as well. ... more
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