Asked by Homie, Hawaii County, HI Mon Apr 2, 2012

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Beth Thoma R…, Agent, Waikoloa, HI
Mon Apr 2, 2012
There are several factors, but in general the rule of thumb will be 2-3 years. The first factor will be how the lender(s) choose to report the short sale, and sometimes your agent can help negotiate that. The most damage to your credit is probably not going to be the fact of the sale, but the number of months you are behind on your mortgage, if in fact you are.

If instead of opting for a short sale you allow the property to go to foreclosure, whether by deed-in-lieu or actual foreclosure, it will probably appear on your credit report for 6 or 7 years.
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Cathy Bureau, Agent, San Antonio, TX
Mon Apr 2, 2012
Each short sale is different since the terms are negotiated with your lender(s). It is highly recommended that you hire an attorney because there are promissory notes and other liabilities involved that may affect your retirement funds, other investments, etc.

There are different types of bankruptcies. I have a client that filed in 2009 and will be eligible to purchase another house by 2013 (4 years). Because this is a legal question and we are forbidden from giving legal advice, in all cases I recommend consulting a real estate attorney.

Good Luck

Cathy Bureau
Green Home Realty
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Weichert Rea…, Agent, Watchung, NJ
Mon Apr 2, 2012
Did you bankrupt? It could be 7 years. Regards,
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