I sold my house in a short sale, credit is fix. Do I have to wait one year to buy another house?

Asked by Evany0824, Passaic, NJ Fri Jun 12, 2009

My Realtor told me that even if the credit is good I still will have to wait one year or more due to the reason that any bank that checks my credit will still find out that I had late payments..

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Joe Chang, , Paterson, NJ
Sat Jul 25, 2009
As an attorney, I rarely get involved when asked about anything related to credit scores or anything related to how your credit will be affected due to a short sale, foreclosure etc. I'll be frank with you, after a short sale where the average short seller has been behind anywhere from three to 12 months in payments, the seller's credit is shot for a long time. I would just guesstimate around five years, if not seven. So, therefore filing for a bankruptcy should be a serious consideration. Especially, if one still have a considerable amount of unsecured debt lying around.

Joseph Chang

*Please note that this is general information only, and not to be construed as legal advice, if you would like a consultation please feel free to call and make an appointment"
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0 votes
Francesca Pa…, Agent, Manasquan, NJ
Sun Jun 14, 2009
Evan,

It appears that Dana is right on the money . .. . 2 years before u can even consider buying againt from what I am told.

Love and Peace,
Francesca Patrizio, Realtor, ePro
Serving Monmouth / Ocean County, NJ
Francesca@PatrizioRE.com
Web Reference:  http://www.PatrizioRE.com
0 votes
Dana Schuster, Agent, Slidell, LA
Sat Jun 13, 2009
Your realtor is correct. Actually the wait will probably be at least 2 years. late payments are not the issue--the issue is that your lender had to take a loss on your short sale and could choose to come after you for repayment of this loss.
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