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Message
Short Sold A Spread 2 Years Ago, When Can I Refinance My "New" Mortgage?
Posted on 1/5/13 at 8:57 pm
Posted on 1/5/13 at 8:57 pm
I gave my old house to the bank 2 years ago, right after buying a new one.
Bought new spread in June 2010, quit making payments on old house the second the new loan closed.
Old house didn't close until December 2010.
I have a 5% 30 year loan on the new house that I'd like to refi into a 20 year loan in the threes. When will I be able to do this? I've heard "3 years from the date of the short sale" a while back.
Thanks in advance for any advice.
:inb4youareapieceofshitforbuyingandbailing:
Bought new spread in June 2010, quit making payments on old house the second the new loan closed.
Old house didn't close until December 2010.
I have a 5% 30 year loan on the new house that I'd like to refi into a 20 year loan in the threes. When will I be able to do this? I've heard "3 years from the date of the short sale" a while back.
Thanks in advance for any advice.
:inb4youareapieceofshitforbuyingandbailing:
1
Posted on 1/5/13 at 9:02 pm to BananaHammock
quote:
:inb4youareapieceofshitforbuyingandbailing:
Well. You are.
Posted on 1/5/13 at 9:13 pm to ATL TGR
Because holding onto a property after it drops 45% in value is "the right thing to do"? Not a single business on the planet would hold on to a toilet bowl of an asset (or liability, however you choose to categorize a house). FWIW, I lost my $120K downpayment and 5 years of mortgage payments ($3K x 60 months = $180K), so it's not like I came out unscathed or didn't put anything into the system.
Posted on 1/5/13 at 9:35 pm to BananaHammock
quote:
I lost my $120K downpayment and 5 years of mortgage payments
The market value of the property may have dropped by that much but that has nothing to do with what you paid in, or your decision to bail.
But to answer your original question, go talk with a lender. They'll tell you whether you qualify and under what terms. Simple as that.
Posted on 1/5/13 at 9:42 pm to ATL TGR
quote:
Well. You are.
No he's not. His lender made a decision to cut their loses. It was a mutual decision.
Posted on 1/5/13 at 9:49 pm to foshizzle
quote:
go talk with a lender
Yeah, looks like that is the best option. I dread talking to lenders or anyone in the real estate business. Never had a positive experience yet (4 out of 4).
Posted on 1/6/13 at 7:27 am to BananaHammock
Think it's 3 years, but again, talk to lender
Posted on 1/6/13 at 9:15 am to ItNeverRains
FWIW, that isn't a short sale...it sounds like a dation en paiement if the property was turned over directly to the bank in lieu of payment.
Posted on 1/6/13 at 11:01 am to Tiger4Ever
Yeah, not making payments for 6 months and then turning the house over is more like a foreclosure. In a short sale there is actually a buyer to purchase the property at a lower price than the loan balance.
OP is going to have to wait more than 3 years. More like 7.
To the OP. Aren't you the guy in the Christmas presents thread that was bragging about bringing home $350k a year? But you walk away from a commitment instead of working something out? Tells me a lot.
OP is going to have to wait more than 3 years. More like 7.
To the OP. Aren't you the guy in the Christmas presents thread that was bragging about bringing home $350k a year? But you walk away from a commitment instead of working something out? Tells me a lot.
This post was edited on 1/6/13 at 11:04 am
Posted on 1/6/13 at 12:31 pm to VABuckeye
It was a short sale in lue of foreclosure and a smart money move to make after over a year of attempting to work things out with the lender. They said I made too much to adjust my principle or lower the interest rate, so I gave them their precious house back. Everything was 100% legal and it came with consequences. I mean, my credit score went from 810 down to 690 because of this. 
Posted on 1/6/13 at 12:44 pm to BananaHammock
(no message)
This post was edited on 4/6/13 at 1:07 pm
Posted on 1/6/13 at 12:52 pm to bigblake
Dude, I hear you - I had an unpaid medical bill for $21 that lowered mine 80 points for years. Having moved around that time, I never got the bill. It took years to clear that up.
I expected it to drop to the 500s after the short sale. The consequences of giving a house back to the lender are not nearly strong enough in my state.
I expected it to drop to the 500s after the short sale. The consequences of giving a house back to the lender are not nearly strong enough in my state.
Posted on 1/6/13 at 1:08 pm to BananaHammock
Did you have to pay taxes on the gain from the short sale?
Posted on 1/6/13 at 1:43 pm to C
If the property ended up in the possession of the bank/mortgage company, then it wasn't a short sale.
This post was edited on 1/6/13 at 1:45 pm
Posted on 1/6/13 at 5:39 pm to Tiger4Ever
It was a short sale, not a foreclosure. Hey-sues Christeaux folks. Two people with different last names bought it for and even $400K, $311K lower than I had bought it for only 5 years prior. I had to sign a shitload of papers "accepting" their offer; however, mentally I had already "given the property back to the bank". Sorry for the misleading, minced words.
No taxes on the short sale gain had to be paid. There was a law passed in the 2008 bail-out mess that waived that for 2 years. It was extended into 2010 and I recall
ing over the extension.
No taxes on the short sale gain had to be paid. There was a law passed in the 2008 bail-out mess that waived that for 2 years. It was extended into 2010 and I recall
ing over the extension.Posted on 1/6/13 at 6:45 pm to BananaHammock
Well you're welcome for the bailout.
Posted on 1/6/13 at 6:54 pm to C
quote:
Well you're welcome for the bailout.
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