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Property Q&A in 92115 : Real Estate Advice

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  • Home Buying10
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Mon Feb 15, 2010
Robert Regan answered:
Rob,
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)
www.RKRegan.com
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