KH, In most cases Yes. When you fill out a credit application as you may know there are a serious of questions pertaing to your financial history; "Have you ever had a foreclosure?", "Have you filled bankruptcy?" ect...As of yet there is no box to check for "Have you had a short sale?" A Short Sale is not reported on a persons credit history. There is no specific reporting item for â€˜short saleâ€™. In most cases a loan is typically reported â€˜paid in full, settledâ€™ or â€˜paid as negotiatedâ€™. This is something that your Real Estate agent should have gone over with you. Further I think a more important question is when will you be eligible to secure a new mortgage that better suites your financial situation and goals. Typically a homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years.
For more questions and answers regarding short sales, its process and consequences please visit our website at www.4closeNOmore.com or for a no obligation consultaion please call us.
Keller Williams Realty
Myrtle Beach, SC