Short Sale in 4 months
- At the time we purchased our home, we had 2 kids and had never missed a mortgage payment. When we were blessed with twins, we did the math can It cost more for daycare of the twins and afterschool care for the older kids than either one of us made. After talking to the mortgage company for 7 months there was nothing that would do to help us, until we became 3 months behind. At that time we applied for a motification, that took another 5 months before we heard that we were approved, but in the meantime we rented to some friends so we could pay the modified amount. Even though it was a temporary situation, we were no longer elidgable for the modification because we were no longer in the house. They said that we could reappy once we were back home, but it could take another 3+ months. We decided to short sale and had an offer in 3 weeks. We purchased our home for $265,000 it sold for $141,000. Now we are in a rent-to-own, but that is a whole new set of problems.
- —Guest Guest Richard
Waiting to be sold
- I purchased a home with my sister but she decided she wanted to move and left me with a $1400 mortgage I could not afford. I got behind in the payments and tried to refinance but the mortgage company dragged that out for months always asking for paper work or information that already had or already knew. I felt I was getting the run around. Evenutally I had to settle for a Short Sale. I am not sure what my credit score is because I am also in the process of filing bankruptcy. My lessoned learned is to never go into anything with family or anyone else. I do recall when trying to purchase my credit score was around 650. This was my second home I bought my first I was in for two years and never missed a payment. I always kept my credit clean. I didn't get credit cards again until 5 years ago but I had small amounts which didn't bother me. At the current moment I cannot be worried about credit score. As long as I can rent an apartment after this is over I can rebuild it.
- —Dee5478
short sale completed
- I worked all my life, collected unemployment for only 6 months of my life after 4 years in the us.navy. I never missed my payments and had near perfect credit all my life until I was in the process of foreclosing. After asking for modification of terms of my house in Sacramento, Wells Fargo would not modify terms and said i would have to foreclose. A realtor managed to short sale my house and then Wells fargo later accepted massive bailout. I paid them two years of interest only, went through a short sale and now the Obama Admisnistration is trying to make it 7 years wait for short sale credit to buy another house. I guess renters make better neighbors, but it won't hurt tax revenues if you keep people from having mortgage interest deductions. welcome to the other side of the "bridge."
- —Guest peter a.
Credit Score
- Credit score was 720 prior to short sale.Missed 5 payments then sold,2 months after that 658 score.
- —Guest Short Seller
credit score still in "fair" range after
- I closed on a short sale in March 2010 and before all of this started and i started not paying my score was in the 760s. While i was in the short sale process it went as low as 620. Now it has been 3-4 months and my credit score is now at 668 so it's still in the fair range. It jumped up like 40 points very fast. At this rate i will be back in the good range within 12 months of closing. I had missed my payments for 120 days (4months).
- —Guest Sarah
The never ending short sale...
- 9 months and counting. BOA has submitted closing docs 3 times, only to be returned as incorrect or with omissions. Each time it's a month to "correct". Too bad there is no oversight committee who can club them over the head for these mistakes! They have no accountability! We are about to lose the buyers at this point!
- —Guest ruff12
Short Sale but No Late Payments
- I did a short sale without any late payments being reported. My credit score has sunk about 50 points (I went from around 710 to 653). Yes, it sucks, but I am fortunate not to be stuck in a horribly under water home anymore. I am now able to pay off my credit cards in full which should help me gradually increase my score, over time. I am not in a hurry to buy another house right away, and I carefully planned my financial life prior to the short sale, buying a used car with low mileage so I would not need to make any big purchases for a few years.
- —Guest Jo
Chinese Drywall and upside down on my mt
- I have a credit score of 820, I worked very hard all my life (i'm 48) to keep it, going without food at times just not to be late on any of my bills. I bought a house in 2008 for 250K, put in a 75K pool (incl. landscape) and made numerous upgrades. 100k in total. My home was just dx. as having Chinese drywall, now it's worth NOTHING. I have to move because It's affecting our health: bloody noses, severe headaches, chronic coughs, fatigue... I can't pay rent (no one wants to rent to us with 3 dogs and 3 kids) and pay my mtg. at the same time. WHAT DO I DO??? I'm at such a loss, depressed, and devastated. Someone please help me, I need advise, I will ruin my credit, it's the only thing I have left. I have NO family (they died in the last two years) so there is no one to borrow from, or to lein on or move in with. My car has over 100,000 miles, how will I buy another one? I have my life savings sunk into my home. Can someone please please give me some advise? Thank you
- —Guest Susan
Short sale and no effect on credit score
- I did a short sale on my home in sept'09 and I haven't really checked my scores since then. Today my experian credit score is 709. I am not sure if there was any affect on it after the facr. Of course, I had 30/60/90/120 days late payments on the loan/s.
- —Guest Dan
Lost around 150points due to Short Sale
- National City Mortgage would not talk about Short Sale when I was current. I stopped paying at the same time I sent the first offer and took them more than 6 months to accept it. They use Loan Resolution, which is highly inefficient.
- —Guest Deborah
Short sale MAY result in a judgment
- Be careful with a short sale, or any lender that tells you that you can fully recover in two years. Even if your current lender agrees to a short sale, in many cases if they choose to do so, they can place a personal judgment against you for the amount of the shortage. Most conventional lenders will not allow you, even 4 years later to obtain a new mortgage with an unsettled judgment. Every case is different so be sure to gather ALL the facts before making a decision either way. If your current lender is the one that originated your loan and didn't sell you away, ask them about some type of forebearance plan as an alternative to loosing your house.
- —Guest Banker
Credit drop after short sale
- My score was 739 before the short sale and now, year after my credit is at 648. I also had a second mortgage (HELOC) attached to the house.
- —Guest Monika H.
Short sell better than Foreclosure
- Going through short sell will not be quick and easy but I feel it is worth it. We tried for 4 months to get our first offer approved, it was denied. We then waitied again for 4 months and it was finally aproved. We made no payments for 8 months. It has now been two months and our credit score dropped 100 points. I was unaware that we could make payments while we were in the process. Everytime I talked with Countrywide they said our account was frozen. It was a horriable process dealing with countrywide, but I do feel in the end it was worth it. I guess in 18-24 months I will know if I can buy a house.
- —Guest shortseller
due to medical we had to short sale
- My husband had a knee replacement and could not go back to work which would of made no difference he was consruction. Does this make a difference why we short sale
- —poonorman
differences foreclosure and short sale
- A foreclosure and a short sale have several differences. A foreclosure potentially can damage your credit and gets put on public record; you also should find out if you reside in a deficiency state or not because that will affect this significantly. Alternatively, a short sale will merely show as a tiny stain on your credit and is completely negotiable. these are some of the differences between short sale and foreclosure .
- —Guest sarahva
