Short Sale
After talking with my lenders and doing research the implications to your credit could be substantial. The average loss could be around 200 points. The average time to purcahse a home after a short sale is around two years.
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justenalias.com
Hi Justen,
As a previous mortgage lender, now realtor, I have tracked the credit implications of the short-sale with my sellers. The impact on the credit score is entirely dependent on the number of late payments up to the short-sale.
I was fortunate to have a short-sale on which the sellers had NO late payments up to the short-sale. It was very easy to demonstrate hardship because we were down to the point that they ran out of savings so the short-sale was approved. Their credit score only dropped 75 points - from a score of 780 to 705. Obviously, that is best-case scenario. The score will drop more substantially when there are late payments on the mortgage or with other creditors.
Thank you for your insight, what is the average time period to purchase a home, after a short sale?
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