Posts Tagged ‘credit’

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

Do you need to be behind on payments for the lender to accept the short sale?

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?

We are in a position to approve a short sale on our house. we have to chose between a short sale and a foreclosure. What are the individual ramifications for each on our credit? If we take the short sale, are we going to be taxed on the difference in price between our purchase price and our selling price?

I need to get out of my house because it has become unaffordable. A short sale has been suggested to me. I have been in my house for 1 year and my home value has plummeted about 25K(I live in AZ) so I am not able to refinance.Will a short sale hurt my credit rating? Got any other options?

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.

I am current with my mortgage and have great credit but I need to get out of my home and I owe more than it is worth. I was wondering what a short sale will do to my credit and if you have to be late on your mortgage to even qualify for one. Also, what will it do when I try to buy a new house? Is there any other way to get out of a house quickly? Thanks!