---

How long is your credit hurt by a short sale?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
lakrem11 Joined: 16 Dec 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Dec 16, 2010 6:58 am    Post subject: How long is your credit hurt by a short sale? Like 0 Dislike 0 I am selling my home as a short sale. We have accepted an offer and have submitted everything to the bank to see what they are going to decide to do. The deficiency is going to be 45K. Is there anyway to not have this affect my credit? We are not having trouble making our mortgage payments, we are moving because we need to get into a better area for our children. If not, how long is one's credit affected? Would it be wise to get an attorney in on the negotiations in addition to the short sale team?
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Thu Dec 16, 2010 7:25 pm    Post subject: Like 0 Dislike 0 Hi lakrem, A short sale will affect your credit score and reduce it by 75-100 points. It will remain on your credit report for the next 7 years. With time, the affect of short sale on your credit score will reduce and after 2-3 years, you will be able to qualify for a mortgage on your own. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0