Posts Tagged ‘affect’

I currently owe about $330,000 on my home loan if my bank accepted $300,000 because of a short sale, how will this affect me?

I have a property that I can not pay any more because the interest is to hi for me. When I buy the house my idea was to refinace in two years but my house lost 10,000 so I own more to the bank that how much is the value of my house. One of my friends told me that maybe I can do a short sale, but snother friend told me that short sale can affect my credit in the same way if I declare banck rupcy. That is true

I am considering a short sale on my home in order to avoid foreclosure, but before I proceed, I would like to know how it will affect my credit. Will it be as bad as a foreclosure? How long will it be before a bank will consider loaning me the money to buy another home?

I know they can come back with a judgment for the rest of the money, which will affect it, but if they don’t, will the short sale itself affect the credit?
For those who don’t know what a short sale is, it’s the sale of a house for an amount LESS than what you owe and is agreed upon by the bank.

I am current on my mortgage payments but my job needs me to relocate out of the state. My home value has gone down significantly since I bought it. I was working with a realtor and was informed that a short sale is my best option. How will this affect my credit?

My house lost $200,000 in value. I’ve been current on my mortgage payments. I want to do a short sale and buy a smaller cheaper house. How will a short sale affect my credit? and will this prevent me from buying a house in the future?

I am stuck in a situation in which I am upside down on my home and with a new baby on the way I need to buy a bigger home and also take advantage of the low mortgage rates and cheap home prices, therefore I am leaning towards doing a short sale. Only thing is that before I go forward with it I want to know what long term affect with it have on my credit? If any. Thanks.