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Asked by Rob, 49068 Thu Dec 10, 2009

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April Crowder, Agent, Charlotte, NC
Thu Dec 10, 2009
I agree you need to get a lender to pull your credit report first. I did a VA short sale 3 years ago and that seller is just now getting his credit score high enough to buy a home again. Your credit score has to be at least 620 and you cannot have any late payments for at least twelve months. And as John said, you need to make sure there is no deficiency judgment on your report.
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Rob, , 49068
Thu Dec 10, 2009
Its Rob Again...Saw your response to my question Robert and I sold my home in NC for less than the mortgage amount in Dec 08. It was a VA Loan. There were several months listed where they started foreclosure processes but was able to sell it once the mortgage company agreed to the price along with the VA. Problem was it wouldn't sell at the mortgage value, my company relocation package had expired and was tough to try to pay for 2 places at the same time...

The homes I would be interested in here in MI are ones that are already foreclosed. Would they give me a better shot at qualifying for them since what they are listed for is substancially less than they would be otherwise without being foreclosed on?

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John Shellin…, Agent, Pearland, TX
Thu Dec 10, 2009
I'm assuming your looking at a foreclosure to purchase. Concerning the home you sold short, it's critical to have a lender pull your credit scores. I've come across a few reports where a client had a home sold short but prior to that the lender had posted for foreclosure. If that happened your credit report will possibly reflect your prior mortgage as a foreclosure which would stop your loan application on the purchase you want to make. Secondly, did you keep your payments current on the mortgage before the short sale? If not your prior mortgage will show some slow pays and most of the underwriters I work with have told me they won't approve a new mortgage application if your credit report reflects slow pays on the previous mortgage within the last 12 months. Finally, was the home sold short a government insured loan, FHA or VA. If it was, the government may be showing a deficiency or balance still owing from the loss it suffered from the short sale. In that cae, a lender also need to pull what is called a "Credit Alert" through the government system to check. So a lot relies on your credit report and possibly the credit alert. Get them checked asap. Until then everything is pure speculation. VA financing is a great program and don't forget have your lender compare it to a state run program if the home being purchased is in Texas, Texas Vet Home Loan. Let me know if you have any other questions or need some help. http://www.johnshellington.com
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Jill Fisher, , Miami, FL
Thu Dec 10, 2009
You may beable to sell your home by offering attractive financing. Right now homebuyers can get up to 96.5% with as low as a 530 fico score. Many people driving by homes that are renters dnot know that financing really is easy as long as they have show the ability to make their monthly obligations for the past 12 months.For example we provide FHA financing down to a 530 fico under the following conditions. By advertizing 96.5% finaning down to a 530 fico you may be able to sell your house on financing rather than the price.

Purchases (Min 530 score)

o 12 month cancelled checks or Management VOR
o Must have 3 good recent tradelines
o Payment shock limited to 1.5 times
o 33/45 DTI max
o No late’s or collection in last 12 months
o NO late’s after BK
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Robert Regan, , Dallas County, TX
Thu Dec 10, 2009
The way you stated your question may need some clarification. You mentioned you had to "sell it short." If you are talking about actually performing the sale under a Short Sale situation where a Realtor is usually involved, then the Debt Relief Act of 2007 may be your answer. In the same question you mentioned it was foreclosed. If you mean the home was sold at auction for less than the owed mortgage, then I understand.
In either scenario, your credit was no doubt effected from this situation and the only real way to tell if your VA will be able to challenge your blemished credit is to get you in touch with a loan officer who can give you the answers you need.
As far as being doomed, it is a sad reality that you are no longer among the minority of Americans; that is to say, that while we are starting to get a trickle of good news about the housing markets trying to stabilize and (in N TX anyhow) home sales increasing and prices slowly rising, there are still hundreds of thousands of people losing their homes each and every month. I mention this because with the amount of turmoil the majority have faced during the housing downturn, while it may seem like your fate is sealed, you'll start seeing some hope on the horizon sooner than later. Right now, banks are a little tight with their funds since new laws have been passed and some pretty heavy restrictions imposed on lenders as a result of where the market is today.
If you would like, I can put you in touch with at least 2 good lenders that may be able to give you some better news than you may have expected, but if there is a date of doom recorded somewhere, you can rest assured these same lenders I put you in contact with will at least guide you in the direction you need in order to make the best financial decisions now so that you don't wait as long as you may think to purchase your next home!
Let me know if I can assist you in helping you get in touch with my preferred group of lending professionals. . . and keep your head high!
Robert Regan, Realtor ®
R. K. Regan Team
214-586-7224 (Office)
Web Reference:  http://www.RKRegan.com
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