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.
Century 21 Alliance - Medford, NJ