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Old 06-21-2014, 12:04 PM
 
6 posts, read 3,935 times
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I will try to explain this to the best of my ability.

I filed bankruptcy and it has been almost 4 years since it has been discharged.
The property I have now was included in the BK but for some reason the bank never came to get the property. It was never foreclosed upon. During that time, from what I can tell, the note has been sold a couple times. When I look at the Register of Deeds I can see that it was for about .10 on a dollar. That occurred 3-6-12.

My lender is leading me to believe that is consider a short sale. Is there truth to that? I was delinquent on the loan for when the transfer occurred. I did not plan on keeping the property. Then a couple months later then note was sold again for an undisclosed amount.
At point I ended up working out a deal with them. There were able to do a loan modification and debt forgiveness.
I am just not sure if the scenario above where one lender sold the note to another lender is considered a short sale. If so, then there is a waiting period of 36 months before I am eligible for a loan.

I know usually the owner works something out with a bank and papers are signed, the house is listed and sold short of the mortgage amount. (in a nut shell)


Any thoughts would be greatly appreciated.

Thanks
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Old 06-21-2014, 12:36 PM
 
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How would we know more than the lender?

If you would like to post your credit report in its entirety and the letters from the foreclosure (or whatever), then maybe we can help.
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Old 06-21-2014, 04:26 PM
 
6 posts, read 3,935 times
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Quote:
Originally Posted by Pfhtex View Post
How would we know more than the lender?

If you would like to post your credit report in its entirety and the letters from the foreclosure (or whatever), then maybe we can help.
My credit report does not show the sales of the note.
I was looking for an answer as to whether or not my scenario is considered a type of short sale.

" During that time, from what I can tell, the note has been sold a couple times. When I look at the Register of Deeds I can see that it was for about .10 on a dollar. That occurred 3-6-12.

My lender is leading me to believe that is consider a short sale. Is there truth to that?"

I have never heard it to be true.

Thank you!!

Last edited by daverolx; 06-21-2014 at 04:39 PM..
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Old 06-21-2014, 05:29 PM
 
Location: deep woods
404 posts, read 712,127 times
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'where one lender sold the note to another lender is considered a short sale.'



No. That is not a short sale.
The first lender wrote down the value of the note and sold it to another.
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Old 06-22-2014, 02:54 PM
 
6 posts, read 3,935 times
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Quote:
Originally Posted by gv28 View Post
'where one lender sold the note to another lender is considered a short sale.'



No. That is not a short sale.
The first lender wrote down the value of the note and sold it to another.

Thats what I thought but I was not sure.

What if the amount was not disclosed? Is it considered a short sale then?
Is there any way it would be considered a short sale? Other then the traditional type short sale that most people are aware of?


Thanks,
Dave
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Old 06-22-2014, 03:32 PM
 
Location: deep woods
404 posts, read 712,127 times
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No, No, No and .....No
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Old 06-22-2014, 10:53 PM
 
6 posts, read 3,935 times
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Quote:
Originally Posted by gv28 View Post
No, No, No and .....No
I like that, thank you..

What about if your property went into tax foreclosure? As opposed to mortgage foreclosure. My property went was redeemed in 2-12. Is that an issue with FHA financing?
Is FHA only concerned with mortgage foreclosure being at least 3 years in the past?

Thanks,
Dave
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Old 06-22-2014, 11:21 PM
 
Location: deep woods
404 posts, read 712,127 times
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Dave, you have successfully completed a loan modification on your current home, but you now want to buy something different and get a loan, correct?
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Old 06-22-2014, 11:57 PM
 
6 posts, read 3,935 times
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Quote:
Originally Posted by gv28 View Post
Dave, you have successfully completed a loan modification on your current home, but you now want to buy something different and get a loan, correct?
Yes, that is correct. I want the new home to become my primary. Is the loan modification some how considered a short sale?
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Old 06-23-2014, 12:36 AM
 
Location: deep woods
404 posts, read 712,127 times
Reputation: 564
No, the loan modification is not a short sale. But regardless of that, clearly there are some things on your credit that affect what you want to do. You may not be able to do them anytime soon.

You will have to accept what lenders are telling you that they can do. They may call it different things and may make different excuses, but they would make a loan if they could. Certainly you can talk to a few lenders but it may be you have to wait some time before you can get a new mortgage.

In the meantime, know that you went through a bankruptcy, you reduced the balance on your mortgage, you reduced your payment, and you own your home, right? And you can sell your home. If you sold your home, would you have cash? and could you then get a loan? You will have to ask lenders.
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