Interesting post. Sellingmyhome I would presume that some posters would shake their heads at you because of your previous experience of short selling a home. That is, if you have already been burned by the housing market why in the world would you go right back into a market that some feel is poised to drop again. Additionally some people may view someone like you as part of the problem, that is people who bought in a deteriorating market when they should have never bought in the first place.
I think that in a potentially unfair portrayal because none of us here know the facts and each individual has an unique experience. However, I would argue that previous homeowners like yourself, who did indeed deal with the problem within the parameters of what was available to you, did the best you could. That is, you went and sold the home short. You worked with the lender, you did not take some stupid loan mod, it appears from your post that you minimized the toll on your credit report, you did not freeload and stay in the home and let it default. I don’t want to sit here and sound like I am commending you but I do think you handled your previous situation well.
I also think it is unrealistic to think that people who default or short sell should never be able to purchase a home again. Furthermore I am not so sure it is realistic to put a moratorium or an “X” year waiting period on former short sellers or defaulters. With that said, if I WERE A LENDER whould I put a higher premium on a former short seller or defaulters loan? Yes I probably would…However that is the lenders decision and not my decision.
What is more important is your own analysis of what makes you think that if you buy again, you will not have to short sell again? What is different this time? Are you maiking more money? Is there an element of stability that you have now that you did not have when you bought the first time? In order to qualify your purchase this time around you need to come up with a very convincing argument why this will not happen this time around. Are the rent vs own numbers alot different now?
