Searching Google for help and asking can I buy another house after a short sale can present you with a lot of information. Some of this information is helpful and many of it is not. Selling your home is traumatic enough and you deserve to find factual information to help. Some homeowners that have went through the short sale process have not had issues buying a house. The success rate depends on many different factors and no two homeowners have the same circumstances. There is life after you complete a short sale and you can build your life again.
Can I Buy Another House After a Short Sale
The process of buying a home after a short sale is the same as buying one normally. The difference is the events that lead up to the short sale and any after effects that remain. Every time that you miss a mortgage payment it is recorded in a written document by your mortgage lender. This information is usually submitted once every month to credit bureaus that monitor your personal credit rating. Continuous payments that are late really begin to add up and are never removed from your credit report. You can go through the process of a short sale and still have negatives on your credit. The actual value of your home, not the selling price, is what a bank or lender reports to credit bureaus. Most short sales are a reduction in the actual mortgage debt owned and this can result in a large debt.
When you go to apply for a mortgage, your credit is one of the factors that are considered and reviewed before a decision is made. The lender will evaluate what lead up to your short sale, your past history of missed payments and the amount that your home sold for at the short sale. Any personal debt that you add to your credit after a short sale can also be used in the decision making process. Some homeowners have reported that it takes between two and five years before mortgage approval is successful. The thing to remember is that the affects on credit after a short sale are usually temporary. If you do not accumulate additional debt, you can buy another house after a short sale and start your life as a homeowner once again. Monitoring your credit through the entire process is an important thing to do.
“Can I Buy Another House After a Short Sale”
Avoid Foreclosure experts are standing by right now. Our assistance is much appreciated by homeowners in every U.S. state that consider the short sale process and have questions. We know exactly what foreclosure does to credit and we also know what a short sale does. You do have legal rights before and after a short sale. One of our specialists can assist you at 1-800-589-4106 and explain how easy a short sale can be and how it removes the complications of foreclosure. You won’t have anymore sleepless nights asking can I buy another house after a short sale.