Quick Sale, is what you could do in 2005-2006
Now it is Slow Sale, possibly very slow.
Why do you want to sell your house?

maybe you should keep it, this way it makes your credit better.

anyways

good luck

Gerald, I believe what you are referring to is a "short sale". This means you owe more on the property than it is worth in our current market. You also have to show some form of hardship to the bank.

In regards to your credit the best scenario is some how bring money to the closing table. I know some sellers bring money to their closing table through retirement funds, cash advances off credit cards, take equity out of cars etc just so that they can protect their credit. Of course that depends on how much money you are talking to bring to the closing table. This is the best thing to do to protect your credit.

The second thing you can do is a "short sale". It will have an affect on your credit, but it is not as bad as a foreclosure from what I have been told by lenders. It is more like a bump on your credit.

The third thing is after a sellers tries to sell and ends up loosing it anyway, they will have a foreclosure that will hit their credit hard from what I understand from lenders.

Then I am not sure if this is true or not, but I have heard from lenders the worst thing you can do is do something called "cash for keys" or "deed in lieu" this is bascially where you just call the bank and say it is yours now bank. I understand that looks worse on your credit than a foreclosure because you are basically just abandoning it and not even trying to work with the bank on it.

However, in regards to credit issues and how it will affect you, I would highly suggest that you speak with a mortgage professional or credit counselor.

I hope this information helps! Best Wishes to you!

Hi Gerald,

There are many different opinions on this matter. According to the “experts” we consult in our business, a short sale will impact your credit score between 50 and 150 points. This is minor when you compare it to the negative impact of foreclosure. Call your lender immediately to discuss a short sale, ask to speak with a manager. IMPORTANT – If you choose to list your home in a short sale, the very first disclosure a Realtor should give you states “Broker has advised seller to seek legal and tax counsel, prior to signing this listing, regarding the decision to seek a short sale. Broker cannot give legal or tax advice.”.

Hope this helps you,

Mark & Kari Shea

In 11 years of being in the mortgage business in Pennsylvania I have never seen a "short sale" listed on anyone's credit report. I've seen foreclosures on credit reports, but not short sales. To my knowledge the only way it would negatively affect your credit is if you were late on payments before the short sale ocurred, or if foreclosure proceedings were started.

It you are talking about a short sale your credit score will take a hit. Maybe between 100 - 175 points depending on your lender.

If you are referrirng to a short sale........... That refers to a sale price which falls short of the amount necessary to cover all the obligations and expenses associated w/ the property. In order to pass title, the lender accepts an amount "short" of the full balance of the mortgage balance. Banks do this when a decision to accept an amount short is a better alternative than a property falling into foreclsure.

And if you do mean "short sale," it'll ruin your credit.

Possibly you are referring to a "Short Sale"??