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Short Sale Impact on Credit  

Anytime there are derogatory remarks, late payments, collections, or settlements on a credit report, there will be adverse consequences. While having a short sale on your credit report is obviously not desirable, it is far better than having a foreclosure show up on your credit report. Having a short sale on your credit will not only lower your credit score temporarily, it will also impact the amount of time before you can acquire another mortgage.

Most lenders will lend you money to purchase a home two years after a short sale with re-established credit on an FHA or VA loan. If you are going with a conventional loan, most lenders require four years from the short sale date before giving another loan on a purchase or refinance. Short sales on investment properties are typically impact your credit just as much as on a primary residence.  It is important to note, that the consequences of doing a short sale are far less damaging than that of having a property go into foreclosure.

Is a Short Sale Right for Me?

While everyone’s situation is different, this section here will help you determine if a short sale is right for you. If you are behind on your mortgage and owe more money on your home than what it is worth and you DO NOT want to keep your home, a short sale may be right for you. If you are behind on your mortgage and WANT TO KEEP YOUR HOME, a loan modification may be a more suitable option.

All in all, a short sale is a great way to help financially struggling homeowners who are behind on their mortgage, owe more on their homes than what they are worth and do not want to keep their home. If there is equity in the property and a borrower is behind on their mortgage, a short sale is not needed and borrowers may resort to selling the home outright.

Short Sale Lawyer Chicago Illinois

We hope this has given you a more clearer picture and provided you with the short sale info you were looking for. If you have any further questions or would like to request a consult to discuss if a short sale is right for you, please contact our office by dialing 847-398-4379 or you may click here.

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