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mortgage qualification: Short sales might be short sighted in the long run! - 04/11/10 07:15 PM
Short sales might be the only way out for many. But taking that direction may haunt sellers for years (and dollars) to come.
First there is the obvious financial impact of a short sale. The waiting period to buy a new home is at least two to three years and also depends on the loan type. For instance, a new FHA loan can be applied for after two years as long as they were current on their other installments and the mortgage of the previously owned home.
But wait... don't most banks require you be delinquent before they even consider a short sale?? Therefore you … (8 comments)

mortgage qualification: Short Sale Same as Foreclosure! - 08/28/08 07:41 AM
Short Sales today seem to be all the buzz! While the pros and cons of a short sale can be bantered back and forth, there is one negative that isn't fully understood: many think that a short sale is saving their credit.
 IT'S NOT!
When you a buyer does a short sale to assist them in the sell of their home, it will show up on their credit, even if the investor agrees to accept the balance as paid in full. When the seller of that home attempts to purchase their next home and completes the loan application form, there is … (5 comments)

 
Ruthiev Rainmaker_large

Ruth Vogt 720-489-0712 (LMB#100023827) FHA VA Conventional Home Loans Colorado

Centennial, CO

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Ruth@WRStarkey.com: Pre-apprvls, 1st Time, Move Up Buyers

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