# How long before I can buy a house after short sale?



## uhaul4mybaggage (Jul 20, 2010)

H and I separated 7/09. Had to short-sell our house in 3/10. I have credit debt of my own, and my score is in the toilet. Lender told me it would be 3 years min. before I would be able to buy again. I have owned my own home since I was 25, (close to 20 years) and I am afraid if I rent/lease at current rates, I'll never be able to save to buy again. Currently living with mom, paying reasonable rent (1/2 the going rate.) Have worked at current job 15 years and could afford a foreclosure property no problem. I have a property in mind that I could finish the basement as a 1 br apt, and rent it out to cut pmts in half. I have someone interested in renting it already. Has anyone had any success getting a mortgage for a foreclosure with fried credit? Somebody throw me a bone... PLEASE!


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## ThinkTooMuch (Aug 6, 2010)

uhaul4mybaggage said:


> H and I separated 7/09. Had to short-sell our house in 3/10. I have credit debt of my own, and my score is in the toilet. Lender told me it would be 3 years min. before I would be able to buy again. I have owned my own home since I was 25, (close to 20 years) and I am afraid if I rent/lease at current rates, I'll never be able to save to buy again. Currently living with mom, paying reasonable rent (1/2 the going rate.) Have worked at current job 15 years and could afford a foreclosure property no problem. I have a property in mind that I could finish the basement as a 1 br apt, and rent it out to cut pmts in half. I have someone interested in renting it already. Has anyone had any success getting a mortgage for a foreclosure with fried credit? Somebody throw me a bone... PLEASE!


I googled
getting a mortgage after short sale

and got a number of useful hits. The rules keep changing, I'd check the date anything you read was posted.

Getting a mortgage after a short sale with bad credit is theoretically possible a few years later from what I've read, but I doubt it will be easy - even people with good credit are having trouble getting mortgages. 

My personal opinion is the buy/rent decision depends on where you live, in many areas of the country prices will decline for some time to come, anyone telling you prices are going to start going up in the near future is not telling the whole story - there are an enormous number of empty or foreclosure ready houses that have to be sold, the banks are intentionally keeping them off the market for fear of pushing prices down.


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## turnera (Jan 22, 2010)

I would look for people who are selling their homes themselves and are willing to finance you.


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## uhaul4mybaggage (Jul 20, 2010)

thanks!


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## turnera (Jan 22, 2010)

So what happened?


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