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Sometimes a short sale may seem like the only answer. On rare occasions, it may be something to consider. However, it's typically pretty damaging to your future mortgage loan chances. In fact, a short sale on your credit history can be as damaging - or worse - than an actual bankruptcy.
If you're an underwater homeowner - where you owe more than your house is worth - short sales may seem like the right answer. Why would you keep paying on a house that's worth less than the debt? It can be frustrating. But walking away from the mortgage or selling it as a short sale can be damaging to your credit.
Watch the video below for a quick look at how a short sale affects your mortgage loan future.
Watch the video here - 60 Second Mortgage Tip: Buying a Home After a Short Sale
Did you know that the industry standard for getting a mortgage after a short sale is 3 years? You'll have to rent for 3 years after your short sale before you're considered "ready" for a mortgage loan. It's a Fannie Mae standard and all lenders follow this. It's the same for a foreclosure. When it comes to bankruptcy the time frame is roughly 2-to-4 years after your discharge. So if sold your house in a short sale in the last 3 years, you'll have to keep renting for awhile before you're ready to talk to a lender.
If you're looking for foreclosure help click here.
Want to know more about credit and how it affects your mortgage loan options & chances? Download "The Road to Mortgage-Ready Credit" at the button below. This free guide offers tips and advice on establishing credit, improving your FICO score and what NOT to do while working on getting your home mortgage loan.
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