Nov
08
How Bad And How Long Will My Credit Be If I Short Sell It (to Avoid Foreclosure?
ByCall a realtor now and make sure they have short sale experience. How your mortgage is resolved is really depending on how much experience your realtor is. She/he will negotiate with the bank to figure out who this process will ultimately affect your credit. Keep making your payments on time. The majority of my clients have short sold in the last year with no adverse affect to their credit.
1 Comments
November 8th, 2009 at 6:48 pm
It will be rated by lenders as a foreclosure so they will require 3 years from short sales. However, if your payments are made on time it may not affect your credit score as bad as all the late payments and foreclosure. But all bad credit stays on your credit 7 years with exception of bankruptcy is 10 years.