Asked by Michelle Winters, IL, • Tue May 20, 2008
My bank is allowing my house to be sold as a short sale even though I have not defaulted on any payments. I have moved to another state and took a new job. My home is in Ohio (3 .5 hours away) but I live in Illinois, I am currently paying my mortgage timely as well as my rent (500 sqft). I am being told now that the short sale will be recognized by the underwriters of new mortgages as a foreclosure and I will not be able to get a new home where I work and live. I have had four showings on my home (in 1 year) and it is 2 years old (no equity) only lived in one year and on the market now for a year. No one has been able to provide me with clear answer on what is going to happen to my credit if a short sale contract is approved. I really would like to plan my life. Do I need to rent for the next five years or will I be able to buy. From what I have read and researched the effects of a short sale will take 150 points off my FICO score. I won't be able to get an new apartment or home?
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