Are there any reasonable lending options after a short sale? I had a short sale six months ago, but can put down 20% and document solid income....

Asked by Clay Anderton, Boca Raton, FL Thu Jan 6, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

16
, ,
Thu Jul 28, 2011
People who have done a recent short sale on their home fall into two categories. Ones who were delinquent at the time of close and those who remained current. Depending on which one your were will determined where to go next. At 20% percent down, worse case is private money financing.
Web Reference:  http://www.AFN-Loans.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Jul 26, 2011
Clay you had a short sale, it is more reasonable to assume you would have to wait 2 years to get a mortgage where as mortgage companies are not loaning money to people with higher creditscores who have not had a short sale. You should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for giving you had a short sale, they should be able to guide you through what is available in todays limited mortgage market

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

please see my blog with tips on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
0 votes
Jennifer Sus…, Agent, Boca Raton, FL
Tue Jul 26, 2011
Dear Caly,

I have an amazing Mortgage Broker, who is a direct lender, and he can tell you what your options are:

Choice Mortgage: (561) 395-6900 Ask for Emmanual

He is very honest, and will provide you with the best option for you, Clay!
Web Reference:  http://www.AgentBoca.com
0 votes
Joan Lorberb…, Agent, Boca Raton, FL
Sun Jul 24, 2011
Clay,
Unless you go with hard money you will need to wait at least two years. Keep doing everything you can to rebuild and increase your FICO. I understand it is fairly easy to rebuild after a short sale and even after a foreclosure. The hits already been taken and it should have no where to go but up if you do things right.

Good luck!
0 votes
Alma Kee, Agent, Tampa, FL
Sat Jul 16, 2011
Try http://www.NACA.com. Just make sure to have your Realtor sign you up on the website or you MUST work with a Realtor that is assigned to you.

Hope this helps.

Alma
0 votes
David, Both Buyer And Seller, North Carolina
Fri Jul 15, 2011
Clay, if you are buying the property to fix and resell ("flip") private money is available at http://mypmbi.com/welcome for up to 80% for 3 to 12 months.

Your credit rating doesn't need to be high because they loan against the value of the property.
0 votes
Sam Thompson, Mortgage Broker Or Lender, Alpharetta, GA
Sat Jan 8, 2011
Clay...here is additional info I need to see if I can help you.....who was your mortgage with? did you have late payments (over 30 days) in the past year? what are your credit scores?

Best regards,
Sam Thompson
Sam.E.Thompson@wellsfargo.com
0 votes
Terry Story,…, , Boca Raton, FL
Fri Jan 7, 2011
Clay,

You have to deal with the 2 year wait. I have not yet seen anyone purchase after the two year yet. Private finance is the alternative. I really hope that a program can be developed to help those who had no other option. There are so many homeowners who had to short sale that would be willing to purchase again. I can only imagine there will be a new flow of buyers purchasing after their two wait period.
Web Reference:  http://www.terrystory.com
0 votes
Turn Key Rea…, Agent, Wellington, FL
Thu Jan 6, 2011
Hi Clay,
I just heard back from the broker and unfortunately not with good news. It will take at least 2 years before you will be able to get fianancing the conventional way again. There were other good responses from other agents listed and they are probably your best option at this time. The suggestion about
finding a property that does not have a mortgage and dealing directing with the owner is an option. You may have to pay a little more or a higher percentage rate, but if he holds the mortgage it might very well be worth it. I will check my resources also to see if any of my owners are interested in selling their property and holding paper for you. Meanwhile lots of luck and Happy New Year.
Regards,
Liz

Liz Vanino
Givoni Realty Corp.
561-779-9950
0 votes
Turn Key Rea…, Agent, Wellington, FL
Thu Jan 6, 2011
Hi Clay,
I really don't know but I am asking someone who will know. I have sent an email to a mortgage broker that I have had dealings with and have found him to be reliable and hardworking and has been able to overcome the most difficult opsticles and get them to the closing table. I will forward you his answer to your question.

Thanks,
Liz

Liz Vanino
Givoni Realty Corp.
Cell:561-779-9950
Fax: 561-828-8039
lizsellsfloridahomes@comcast.net
0 votes
Alma Kee, Agent, Tampa, FL
Thu Jan 6, 2011
Hi Clay,

Because we have not yet hit bottom there may be no rush to buy right now. With a Short Sale you may be able to get a conventional mortgage in a year and a half. It will give you more options since you will not be limited to "loan shark" hard money rates or owner financing.

Better to wait...

All my best,
Alma
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Thu Jan 6, 2011
There may be some options for you out there, but not through a large bank. Check with the small, local banks in your area and see what they say. If you bank there, you may be surprised by their options.

There is also the option (that people have already noted) of asking your seller for financing options. Since you have a decent down payment, he/she may be inclined to lend you money and collect interest.

Your last resort would be to attempt credit repair with a reputable agency. That may correct your problem sooner rather than later.

Lots of luck!

Tim

Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
http://www.phillyurbanliving.com

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
Web Reference:  http://brownmckinney.com/tim
0 votes
Gary Rosen, Agent, Boca Raton, FL
Thu Jan 6, 2011
Clay
Given the volatility of the stock market and the minimal returns on most
other forms of investments, the seller may be interested in providing a
purchase money mortgage, perhaps an interest only loan or minimum
payment of principal until your credit can be restored. A lease with an
option to purchase is another alternative, as well as a hard equity lender.
We are real estate brokers and have previously been mortgage lenders
and brokers. Locatged in Boca Raton, we would be glad to assist you.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Thu Jan 6, 2011
Clay:

Yes and No..... It depends in part, how your short was handled your lender. Recourse or Non. One of the best people to talk to is Evelina Tsigelnitskaya and her late partner Lev Breskin aka Mikhel Baldwin aka Michael Baldwin of SIB Realty a
0 votes
Carl Henker, , 95928
Thu Jan 6, 2011
Owner financing or a Lease option may work. Get with a Realtor and look for properties that the owner may carry, look at any property held free and clear and make an offer. Properties held by an estate make good candidate's for seller financing.
0 votes
Mike Malvey, Agent, Fort Collins, CO
Thu Jan 6, 2011
Hi Clay,

You may want to look at hard money lenders in your area as a possible option.
0 votes
Search Advice
Search
Ask our community a question
Financing in Boca Raton Zip Codes

Email me when…

Learn more