The Short Sale Impact On You!

When selling your home for less money than the balance you owe, the bank must agree to eat the debt for less than the amount owed. This is what’s called a “short sale.” Although these short sales offer an immediate life preserver for the homeowner stuggling to make mortgage payments, it’s not without a downside. That short sale will appear on your credit reports, ergo, impact any future financing options. After a short sale is completed you can bet any conventional financing on another property will require 20 percent down along with a possible wait of two years after the short sale sign off. FHA requires a three year wait. More info: short sale homes Carlsbad

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