Reaffirmed mortgage in BK, now I need to do a short sale

[Flowers]

now on the credit score is a BK,
then the shortsale is another mark.
House is underwater.
I will essentially not pay off the loan.

My question: how will I find a place to live with this credit history?

[lovemybugs10]

I have read that finding a private owner (one not managed by a property manager) is the first step.

Explain the situation

Offer a few months rent in advance. (this is probably #1 way to get in with bad credit)

I have seen a few listings on Craigslist where people specifically say that bad credit is ok if there is a reasonable explanation.

[Mi Bankruptcy]

You may be able to buy a home on a land contract. Keep track of your payments and then try to finance in a couple of years to pay off the land contract.

[BCA2009]

I know it is water under the bridge for you, but would you mind sharing what led to your decision to re-affirm? Maybe it will help somebody else keep from making the same mistake.

Thanks,

[Flowers]

several reasons I reaffirmed:
1. I did not have the money to move - moving furniture, items etc. *
2. Thought the job market/real estate market would improve
3. Had no where else to go


* note: I know not paying the mortgage would change things, meaning using the money
that would normally go to the mortgage, but I was barely squeeking by with the cost of some other expenditures inclduing other things I was behind on and legal costs.

[simplelaguna]

What state are you from? If California, it might be better for you to just stop making payments and let them foreclose on you. There is a one action rule in CA, so after they foreclose they can not go for a deficiency. Plus, foreclosures are running 12 to 18 months. If you short sale (banks like this more) then they can go after you for the deficiency if they want... but all depends on your state,,,, good luck.

[Flowers]

I am in New Jersey.

A foreclosure will takes many months 12+.
I know I need to get out sooner.

[jmanford]

You don't have to reaffirm your mortgage to stay living in your house. Still not understanding why you reaffirmed?