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how long does it take to repair credit after a short sale.

never been late on mortgage payment just can not afford payment because i do not qualify to lower my payment with it being upside down.
pls answer back @luv2ryd27@aol.com
  • Question refers to 15232 Cloverdale Rd, Woodbridge, VA 22193
  • January 01 2010
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Answers (2)

Luv2ryd33,

Short sale has much less negative effect on credit than foreclosure. However, short sale must be approved by the lender.

It can take as little as 18 - 24 months to purchase another home after the short sale - it all depends on the short sale, how it was reported by the lender, and on how the borrower meets all financial obligations after the short sale.

I am realtor who is also CDPE, Certified Distressed Property Expert, and would be happy to meet with you to evaluate your situation.

  • January 11 2010
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Hello
Depends on how many worst is your credit. From my last conversation with a lender last week they mentioned you can think about purchasing a home after a short sale within 3 years. Speak to a lender and ask them what are the steps you can take to improve your credit also.

Good Luck
  • January 09 2010
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