April,
Short sale is a hit on your credit. You may not be able to buy a home for a little while. If you are looking at short selling you will need a Realtor that has been trained in this area to make the transaction a success.
Patientce is required.
If you can not affford the home and are in danger of foreclosure the lender may or may not accept a short sale on that property. Many factors they take into account.
The lender does not always accept less on that mortgage note. Just because you want a lower payment is not usually a good reason to short sale.

There are many things the lender will look at,,,
hardship, payment history, the market value and appraised value of your home, what you owe, ect.....

Wed Apr 23 2008, 17:01

Sorry to hear about your situation. Mortgage companies consider several factors before approving a short sale. One, your financial ability to pay the current loan? Two, is your home currently under contract? Three, did you lose your job or is there a medical reason for your current situation? Are you behind 2 to 3 months in your payments? If so you are more likely to get a short sale approved. If you have a buyer and are under contract you are more likely to get a short sale approve. If you have a medical disablity or some other reason your income has changed you are more likely to get a short sale approved. There are other factors Iinvolved in the short sale process. In the end the short sale should not hurt you in your next purchase. My advise, buy something that gives you plenty of brathing room in your monthly budget.

Richard Alber
Broker Salesperson/Manger
Century 21 Alliance - Medford, NJ
609-678-1600

Fri Apr 11 2008, 04:03

April I am a Realtor that specializes in the Johnson Co area please contact me ref your answer. There is a lot of factors that determine the answer to your question.

Brad Osborne

Office 317 883-3333

Fri Apr 11 2008, 03:41