Looking for a private mortgage lender in Philadelphia, PA to purchase home after short sale. Any advise/info would be appreciated. Thanks much.

Asked by ellencwebb, Philadelphia, PA Sat Feb 2, 2013

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Donald Mituz…, Agent, Chappaqua, NY
Sat May 11, 2013
Your answer looks like a bunch of hype. It should be flagged off. You just answered 20 questions with the exact same answer. Smells fishy to me.
0 votes
Donald Mituz…, Agent, Chappaqua, NY
Sat Feb 2, 2013
You can purchase a home after a short sale if you meet two qualifications. Did you pay your last mortgage up until the time of the closing? Did you relocate in order to find employment? I closed a short sale last year where the buyer I was representing answered yes to both questions. They got a conventional mortgage. I might add that in spite of the short sale they had good credit scores and a large down payment, but did end up getting a $350k mortgage. Their short sale was 1 year earlier.

Good luck.

Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

0 votes
Ellen, It's a shame you got some low life at Wells Fargo to gave you bad advice. There are many people who make their payments right up to the closing and still do a short sale. Somebody should file a lawsuit against them (and this is from someone who hats litagation and most of the lawyers who practice in that arena). I would suggest you find an experienced Realtor in the area you're looking to buy, tell them your situation and that you're looking for a good mortgage broker. If they tell you to go to Wells Fargo or Bank of America tell them to take a long walk off a short pier. The big banks are worthless when it comes to anything not plain and simple.
Good Luck!
Flag Sat May 11, 2013
Hi Donald,

Thanks for your reply. I our case, we did have to relocate for employment purposes. We had our mortage through Wells Fargo and, in order to short sell our AZ home (we had no choice due to being upside down) Wells Fargo told us they would not even consider it if we were current on our mortgage payments (which we were and always had been). So, to be able to sell our home we stopped paying our mortgage and the home eventually sold. Our credit score was high 700s at the time, now it is slowly recovering in the high 600s. We currently do not have a large down payment because of the loss we took on our home - we are essentially starting from scratch. Hate renting after owning our home for 15 years, and paying someone else's mortgage. So again, any advice or information on how someone in our situation might secure a mortgage would be greatly appreciated.

Flag Tue Feb 5, 2013
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