QUESTION
Shortsale after foreclosure and after chapter 7 discharge how long do we have to wait to get a mortgage?
Asked on Jan 21st, 2013 on Bankruptcy - New York
More details to this question:
We filed chapter 7 and a discharge was entered. We did not reaffirm our mortgage. We did not qualify for a modification and we stopped payments. The house foreclosed. A real estate lady wants us to do a short sale during our 6 month redemption and says it will wipe out the short sale. Is that true? It has been 2 years since our discharge and one month since our foreclosure.
7 ANSWERS
I am sorry, but I do not understand the question. How can doing a short sale "wipe out a short sale. If you meant a foreclosure, that may be. It will depend on if the mortgagor will go along. Hope this helped.
Answered on Jan 28th, 2013 at 7:01 PM
Daniel James Wilson
Short sale benefits no one but the realtor. It is just as harmful to credit rating as foreclosure. It is a myth that short sale will help you get a new loan sooner. I wish realtors would quit practicing law without a license.
Answered on Jan 24th, 2013 at 12:21 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Don't assume that the real estate agent is working in your best interest. Talk to a foreclosure/real estate attorney in licensed to practice in the state where the property was located. Make sure this attorney is very experienced in this area of law. Lastly, no one can guaranty anything when it comes to credit. My best to you.
Answered on Jan 22nd, 2013 at 5:03 PM
Bankruptcy Attorney serving Dallas, TX
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Polk & Associates
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Ask yourself this: What will I gain from doing a short sale? If they are going to pay you money put cash in your pocket then I guess you might have an incentive to go through all of the time, trouble, expense and aggravation of a short sale. Otherwise, I don't see the point. The foreclosure should not be on your credit report and currently you aren't on the hook for the mortgage (because you did not reaffirm it).
Answered on Jan 22nd, 2013 at 5:02 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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The real estate agent wants you to do a short sale so she can get a commission. There is no benefit to you doing a short sale at this point, unless the mortgage company will pay you money to do so.
Answered on Jan 22nd, 2013 at 5:01 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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It may be about 3 or 4 years before you can buy another house, but that is completely up to the lender. Some lenders may still not do it.
Answered on Jan 22nd, 2013 at 3:20 PM
As soon as the bank will help you.
Answered on Jan 22nd, 2013 at 11:26 AM