Home > Blogs > Adrienne M. Smith > Adrienne M. Smith's (ams1966) Blog

I Want To Buy Another Home Right After A Oakley Short Sale

By Adrienne M. Smith

Real Estate Broker/Owner with Elite Realty Services CA BRE 01121873

June 17, 2011 08:42 AM

Oakley CA - The biggest advantage a short sale has over a foreclosure is that you can buy your next home much sooner.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here was our answer to Dan's Question.

Under current lending guidelines, you can buy another home in 3 years after a short sale. After a foreclosure you have to wait 5-7 years in most cases.

(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 loan modification?Our Oakley loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at ams1rebroker@aol.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ams1rebroker@aol.com. 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 877-843-8300 Ext. 1

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this information,

Adrienne Smith (CA DRE# 01121873)

Adrienne is a Real Estate Broker Associate at Better Homes Realty.

Oakley Short Sales Realtor:

Phone: 877-843-8300 Ext. 1

Email: ams1rebroker@aol.com.

Turning Challenges Into Opportunities Everyday!

View My homes for sale at www.BHRMann.com.

Adrienne Smith specializes in Foreclosure Avoidance Assistance including but not limited to loan modification assistance and short sales in Oakley California. Oakley Loan Modification Help, Oakley Short Sales, Oakley Short Sale Realtor. Oakley CA Short Sales. Oakley Realtor.