Short sale with payment plan for balance

Asked by Mike, West Des Moines, IA Wed Apr 15, 2009

We owe $116,000 on our townhome, and a recent townhome sold for $110,000 in our complex. We have a new home we'd like to buy and are approved, however we don't have the cash to pay on selling/making up the mortgage balance. Would a short sale with a payment plan for the remaining balance affect my credit score, or ability to buy the new home?

Help the community by answering this question:

+ web reference
Web reference:
Search Advice
Ask our community a question

Email me when…

Learn more