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Old 08-12-2013, 09:53 PM
 
1 posts, read 1,023 times
Reputation: 10

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I settled with my second mortgage company couple years back for about 25% less than the full amount. I was current on my account at that time of the settlement. However, this got reported on my credit as "account legally paid in full for less than full balance". When I am trying to refinance, this is being interpreted as short sale by some underwriter, although it is not. Hence, when I try to contact mortgage companies, they say that I have to wait for 2-5 years before I can refinance, which is something that happens due to short sale.

What are my options? I have good credit history and I am current on all my payments.

Thanks.

Nick
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Old 08-13-2013, 05:08 PM
 
Location: New York
2,251 posts, read 4,165,174 times
Reputation: 1607
What they said I agree with - you have to wait at least two years to qualify for a mortgage then put 20% down payment. Four-year wait with a 10 percent down payment. Seven-year wait with less than 10 percent down payment.

Paying less than full balance you should said for them -report to the credit bureaus "Settle As Agreed".


.
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Old 08-14-2013, 07:44 PM
 
2,685 posts, read 4,219,253 times
Reputation: 2264
Quote:
Originally Posted by kewlvanio View Post
I settled with my second mortgage company couple years back for about 25% less than the full amount. I was current on my account at that time of the settlement. However, this got reported on my credit as "account legally paid in full for less than full balance". When I am trying to refinance, this is being interpreted as short sale by some underwriter, although it is not. Hence, when I try to contact mortgage companies, they say that I have to wait for 2-5 years before I can refinance, which is something that happens due to short sale.

What are my options? I have good credit history and I am current on all my payments.

Thanks.

Nick
Short sale:

Quote:
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts.
How would you define your transaction?
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