(FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.)
But, what if did miss a payment and you want to buy another home sooner than that?
There are loopholes in the Fair Credit Reporting Act. Remember, the law was written to protect consumers. It wasn’t written to protect the lenders!
You can use the law to your advantage to get a short sale removed from your credit history. Then, you can fix any other negatives on your credit report.
After that, your credit should be good enough to qualify to buy another home.
Here is why you can have the short sale removed from your credit report. The Fair Credit Report Act requires lenders do certain things before reporting negative credit.
If you lender misses any of these steps, then they are not allowed to post that item to your credit report. Don’t kid yourself; the lenders make mistakes like this all the time.
They are more concerned with getting paid than making sure every credit report is done perfectly. A good lawyer that specializes in this can help you.
They will know the intricacies of the law and help you get the short sale removed from your credit so you can buy another home. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 1-800-LISTING
Contact me if you would like to discuss a short sale or foreclosure that you may be involved in.
Thanks for reading this, Jonathan Phillips.
Jonathan is a Real Estate Broker at Phillips Realty LLC. Pierce County Short Sales Realtor:
Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Pierce County WA Short Sales. Pierce County Realtor.