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Can I buy a house if I sell mine through a short sale or deed in lieu?

My credit is good but my house in "underwater" and we've outgrown it.
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May 03 - US
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Answers (1)

Hi Amavrovich,

Both methods, short sale or deed in lieu, will negatively impact your credit. There are mortgage underwriting restrictions that will impede your ability to qualify for financing for a period of time after the successful completion of either.

You may also want to consult with your tax professional regarding tax implications. You may be better off financially by keeping your home, or selling it outright and paying the difference out of pocket if you have the means.
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May 05
 
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