bankruptcy short sales
I know foreclosure and bankruptcy has an effect on your credit, but does a “short sale”?
A bank needs to AGREE to a short sale, so maybe it doesn’t have an effect? (A short sale is selling the home for less than what’s owed on it.
Short sales pretty much suck and only help the bank.
It will effect your credit. Also, a short sale is usually not even possible until the house has been listed at market value for the last 3 months. And I’m assuming, because you are even looking at this option, that you will not be paying the mortgage during that time. So your credit will also take a hit there.
ALSO, selling in this market, even at a loss is still difficult. Took the woman in detroit who was selling her house for $1 nineteen days to find a buyer.
ALSO, in most states, the bank can still come after you for the difference.
So all you are doing is allowing the bank to avoid the foreclosure process and selling the house themselves. But its less embarrassing then a foreclosure.
ALSO, if you had an 80/20 or any second mortgage on the home, the bank will not agree to a short sale because a lien will be placed on the home from the other creditor.
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