Home Selling in Sacramento>Question Details

Daisybabe, Home Seller in Sacramento, CA

I am relocating for my job, i am current on all my payments, will a short sale impact my credit just as if i was deliquent? or is there forgiveness?

Asked by Daisybabe, Sacramento, CA Sun Sep 26, 2010

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A short sale will affect your credit. Unfortunately, no one can tell you exactly how much. Definitely try to find out as much info from your lender as possible. I had clients who bought a short sale w/ B of A and right before closing they decided the sellers had to be 30 days late on their payments and it delayed the closing for 30 days. The bank can change the requirements / terms last minute until it records. Make sure you choose someone who has had short sale experience. If I can help you, please give me a call.

Jessica Waterbury
0 votes Thank Flag Link Wed Dec 29, 2010
Your credit will be affected. There is no forgiveness. If you keep your payments current, there is a new Bill that may be passed before the end of the year, were you won't have to wait two years before financing a mortgage loan again.
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sat Oct 2, 2010
A short sale will have an impact on your credit, but by keeping up with your payments, you're doing everything you can do to keep your score as high as possible. You might be surprised how little the impact might end up being. In fact, there are banks that are approving loans for purchases with circumstances similar to yours.

Please don't hesitate to call or email with further questions. Good luck.
0 votes Thank Flag Link Sat Oct 2, 2010
Hi Daisybabe,

A short sale will impact your credit but how significantly it will do so is a case by case basis. I did help one person short sell there home and they never missed a payment. They had a loan through their credit union and agreed to some sort of payment on part of the loss. Ultimately it only affected their credit by 40 points.

Contact a local Realtor in your area that specializes in short sales. They should give you a free consultation and point you in the right direction.

Good Luck!!
Chris Blasic
0 votes Thank Flag Link Sun Sep 26, 2010
A short sale is going to impact your credit regardless. In most cases the largest imact on a home owners credit is due to the 30, 60, 90 day lates reported while the transaction is being negotiated with the banks. Another thing you may want consider is who the investor on your loan is. Some require the loan to be behind before they will consider a short sale. If you're considering a short sale do your research and find an agent that has a lot of experience specifically doing short sales.
0 votes Thank Flag Link Sun Sep 26, 2010
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