Just did a Short Sale, question about new mortgage
Just a little background, I performed a short sale on my condo in May of 2009 in Brockton, Ma not because I couldn't pay for it but because of lack of responsibility of the Association and the fact that the condo association needed 750,000 dollars to repair a bldg the grossly mismanaged ( 200 % increase in condo fees). My loan was through BOA and we were able to show circumstances that allowed us to Short-Sale. I received a letter a few months ago forgiving me of all debt owed to BOA. Basically because of a decision I made at the height of the market which I made correctly when I was approved for 500,000 but bought within my means at 245,000. Now I'm paying the price for something beyond my control. Is there anyway to secure another loan under these circumstances? I am a Active Duty Soldier and have already received the letter of eligibility from the VA. My wife has excellent credit but does not make a 1/4 of what I do. Any help would be appreciated! by helljm_951_428 from Portland, Oregon. Oct 21st 2011
Shon Atabaki (ShonAtabaki)
#48 ranked lender in Washington - 95 contributions
For a loan that is guaranteed by Ginnie Mae, which includes both FHA loans & VA loans, you typically would have a 3-year waiting period to be eligible for a new mortgage. This all depends on how everything is showing up on your credit report, including the final disposition date reported by B of A. Best of Luck!
Mitch Poitevint: MLO-283198 (mitch.poitevintMLO283198)
#25 ranked lender in Oregon - 8 contributions
It sounds like you have put a lot of work into putting yourself in as good a position as you can to purchase again. 3-years is the general rule, and you have made it! I specialize in VA Financing in Oregon and would be honored to assist you with your VA pre-approval. I have 12-years of experience closing VA mortgages. Feel free to call or email me.Thank you,Mitch PoitevintPacific Residential MortgageLake Oswego, OR(888) 382-9590, mitch.Poitevint@pacresmortgage.com(888) 382-9590
Mitch Poitevint: MLO-283198 (mitch.poitevintMLO283198)
#25 ranked lender in Oregon - 8 contributions
It sounds like you have put a lot of work into putting yourself in as good a position as you can to purchase again. 3-years is the general rule, and you have made it! I specialize in VA Financing in Oregon and would be honored to assist you with your VA pre-approval. I have 12-years of experience closing VA mortgages. Feel free to call or email me.Thank you,Mitch PoitevintPacific Residential MortgageLake Oswego, OR(888) 382-9590, mitch.Poitevint@pacresmortgage.com
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