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| Should I Short Sell my Orlando Home |
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| Thursday, 20 August 2009 20:46 |
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I’ve dealt with will not consider a short sale if you are current on your payments. They essentially will not accept a short sale if you’re current. again, call your lender and try to find out. My experience is no. In regards to not wanting to ruin your credit, well if the lender will not accept a short sale if you’re current, then you have no other option. I do not know exactly how it will affect your credit score, my previous clients are telling me between 100 – 200 point drop in score. However, since a short sale will eventually be settled and sold this will be recorded on your credit score as settled debt for less than full amount. I am hearing that your credit score will probably rebound to it’s current level in as short as 2 years. Also fannie mae says that you can purchase another home after approx. 2 years vs. a foreclosure it’s 5 years. So, you have to ask yourself, do you want to take a hit for 2 years on your credit score and be done with this property or do you want to hang on to it for the next 10-15 years until such time that the market recovers to a point where you can breakeven. That’s your ultimate question. You decide. Please let me know if I can answer any other questions. |
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