How soon can I buy a home after a short sale due to a declining market value?

Asked by Alleenp, Wesley Chapel, FL Sun Jan 18, 2009

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Daniel, , Baton Rouge, LA
Sun Jan 25, 2009
you did not repay all the money that you promised to pay

woulve couldve shouldve and all that doesnt matter

would you loan someone like you 1 - 2 hundred grand after proving your inabiliy to pay??
1 vote
Get-smart, , Durham, NC
Tue Jan 20, 2009
some lenders will let you into a home within 2 years. just call around and find out for sure.
1 vote
Randy Hooker, Agent, Chandler, AZ
Sun Jan 18, 2009
Hello again, Alleen!

The reason for a short sale on your credit report will not matter. A short sale is a short sale, if you know what I mean. From all that I can gather, it appears that it will take a person 3-4 years after suffering a short sale before they will be considered for another mortgage loan. But who knows... the way things are changing on the national scene with Fannie Mae, etc., it's really hard to say for sure.

If you have other, more specific questions that you'd like me to address, please feel free to email me directly by clicking thru to my Trulia profile or clicking on my website link below.

Best wishes!

0 votes
Todd Lee, Agent, Phoenix, AZ
Sun Jan 18, 2009
Hi Alleen, That question is probably best answered by an experienced Mortgage person. If you need the name of a good person with no obligations... just straight answers I would be happy to give you the names of a couple that I know.
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