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Answers (7)
- Bill Gassett, "homeestimate"
- Contributions:1540
Both a short sale and a foreclosure will damage your credit but generally speaking a short sale is less damaging in terms of time before you can purchase another home again.
Most of the time a person who has done a short sale will not be able to buy a home for 2-3 years. A foreclosure will prevent a new purchase for around 5 years.
Want to learn more about Short sales? Read Massachusetts Short Sales for everything you need to know as a buyer and seller.
Most of the time a person who has done a short sale will not be able to buy a home for 2-3 years. A foreclosure will prevent a new purchase for around 5 years.
Want to learn more about Short sales? Read Massachusetts Short Sales for everything you need to know as a buyer and seller.
- Lance Diggs, "Brick City Broker"
- Contributions:15
Tell your friend to call a Realtor who understands the short sale process and work with that agent.
- Mike Jackson, "jacksonm4"
- Contributions:370
- Kristen Blanchet, "Massachusetts Broker"
- Contributions:526
They also do not need to be behind in their payments yet to qualify for the financial hardship...they just need to be able to show that they will be experiencing a hardship...
- Kristen Blanchet, "Massachusetts Broker"
- Contributions:526
A short sale is a great option for home owners! It does make it possible to buy a home again within a few years. I would suggest having your friends contact a local agent that is a certified distressed property expert (CDPE)....I can gladly help!
- Heidi Zizza, "Heidi Zizza REALTOR"
- Contributions:724
The Best way to handle a short sale is to have an attorney or a professional negotiator. They should call ALM in California. If they want the number they can contact me through my profile and I willl email it to them. It's the best option of they are behind are risking foreclosure. If they are not behind the lenders usually wont agree to a short sale. Also they should consult a cpa.
- Michael Emery, "MikeEmery"
- Contributions:7283
There seems to be varying opinions as to whether a short sale causes less damages your credit rating than a foreclosure. Previously it was believed that a short sale does less damage, but both ain't so great for your credit.
Has your friend called the lender and told them they can't afford their mortgage?
If not, they should.
Has your friend called the lender and told them they can't afford their mortgage?
If not, they should.
Is a short sale ever a good option?
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