HOW LONG DOES A SHORT SALE AFFECT YOUR CREDIT?

Asked by Susie Johnson, High Springs, FL Wed May 23, 2012

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Lou Thurmond, Agent, Newberry, FL
Sat Jun 2, 2012
Susie, Normally two years. One of the most important things is to keep any acounts that are reported on your credit bureau current. Proof of income and debt ratios are what the banks will look at when applying for a new home loan. I have a lot of experience with a finance background and will be happy to help. We are at the corner of Hwy 26 & Hwy 27/41 in Newberry. Having someone explain how to rebuild your credit score really helps. Lou
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Edith Karoli…, Agent, Winnetka, IL
Thu May 24, 2012
The best answer is that it depends somewhat on the entire credit situation of the seller, and how the short sale is reported and what the seller then intends to buy, the effect on the credit up to 3 years or so.....
And the other Realtor is right there may be a chance with a Fanny Mae loan....

Work with an experienced short sale attorney and Realtor, so that you will do the right
thing.... We do not have enough information here to give a concrete answer.

Those who will be fully informed will be better advisers

EdithSellsHomes@gmail.com YourRealtor4Life Working always in the very BEST interest of her clients Buyers Sellers and Investors alike, covering for @ Properties Brokerage the city of Chicago, all N and NW suburbs and the fine homes on the North Shore, and all of the US and worldwide offerings with my partner agents.... Edith speaks several languages ....
Have a great day :)
0 votes
Mike Sullivan, Agent, Gainesville, FL
Wed May 23, 2012
Susie...A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage within 2 years . the effect on your credit may be as short as 12-18 months, depending on how the short sale is reported.
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