Getting Mortgage After Short Sale?
I filed bankruptcy back in August of 2007. I filed on everything that I owned including my house. I kept paying my mortgage so I could keep my house. Unfortunately, my husband was laid off from his job for a awhile last year and we got behind on our mortgage. We listed our home for sale after getting a “payoff quote” and got an offer just last week. The thing is, I never got an ACTUAL payoff from my lender! When they finally sent me one it shows that I owe more than what I can get from selling. I owe $ 96,000 on my mortgage, but with accrued interest, late fees, etc. my balance now is $ 104,000. I just got an offer for $ 110,000, and after paying the realtor fees and the buyers closing costs, I will be in the negative (I don’t have the extra money to bring to the table at closing). We are thinking of a short sale now and I was wondering how long after the short sale will I be able to qualify for another mortgage loan? Right now the loan I have is FHA and I know that I am protected under the bankruptcy law, so I won’t have to pay the difference of the short sale. Any help would be appreciated.
Before I found out that I owe more than what I could sell the house for, I was approved for a new FHA loan with the condition of me selling the house that I am currently in. I have raised my credit score a lot since my bankruptcy. I just need to know how long after a short sale that I will be able to get another FHA or Conventional Loan.