We are selling our house as a short sale. Does anyone know how badly that will affect our credit?
This is probably not a typical short sale. We are not behind in our payments and the lender has not agreed to come to us for any balance due. There will also be on the list this credit as satifactory paid as agreed. I heard that doing a short sale thus not affect our credit but again I have said dramaticaly wll affect it. Does anyone really knows or can give me an idea.
Be sure to keep a good working relationship with the bank that has approvge short selling. Make sure they give you a summary written about the situation, and the satisfaction of mortgage document. Be sure to get a copy of the Note satisfied mortgage. It's great that no delays occur payments. It is especially important for your financial future you picture to go ahead with all the paperwork, especially to obtain the name and telephone number of the most senior executives from your bank to provide the letter. It is almost a letter of recommendation. In this changing economy, they are wise to make sure credit agencies receive proper notification letters, after having received the bank. I know this is a lot of work on your part, but you will save tons of work if you do your own monitoring. Also make sure that the satisfaction of the mortgage going to notice you (you provide your address forwarded to the county recorder prothonitary or office), and if you do not receive it within 60 days, you may contact the county seat for direct reception. God bless you always. MBA-University Boston retired. CPA-… I also sold real estate to work my way through college, and I always advised my client to do their own monitoring, and saved your credit score. Yes, it shows on your credit score there was a short sale, but if you do special monitoring of the bank "letter payments received with complete satisfaction of mortgage document and provide all three credit agencies, which should be fine. Use these numbers to Order Reports: Equifax 1-800-685-1111 This allows you to get a free report if you have been denied credit in the last 60 days. Option 2. Make sure you ask only the credit report. Mail within 48 hours. TransUnion – 800-916-8800 – mail within 6-8 business days. Experian – 888-397-3742 – will receive a period of 8-10 working days.[affmage source=”amazon” results=”1″]short sale credit[/affmage]