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short sale credit impact: One more question regarding Short Sale - 08/31/07 07:50 PM
One more Short Sale question: Do you have experience in re-negotiating a short sale amount for a short term loan?
I know that if the difference between a mortgage amount and the sale price is too large, some lenders will not cover the full amount but will provide a borrower with an additional short term loan.  Have you heard about a case when borrower was able to negotiate a short term loan only without the short sale payment by lender?
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short sale credit impact: Credit consequences of the Short Sale - 08/31/07 05:30 PM
CAR Short Listing Addendum form (CAR Form SSL, 8/07) clearly states:
"A Short Sale may have negative impact on Seller's credit rating even if foreclosure process has not officially begun or once begun, is not completed".
What is your experience with the Short Sale?  Was your clients FICO score impacted? Always? Some times? Do you know how this might change once the new algorithm is in place in September?  Please share your experience and thoughts.

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Artur Urbanski

Burlingame, CA

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Cimpler Real Estate, Inc.

Address: 533 Airport Blvd., 4th Fl., Burlingame, CA, 94010

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