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Foreclosure VS Short Sale: How each affects future loans with any Mortgage Company

Foreclosure: On any future application, a prospective borrower will have to answer YES to question C in section VII of the standard 1003 form that asks, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates.

Short Sale: There is no similar declaration or question regarding a short sale.

Posted by Shayne Kilber, Realtor, CDPE, GRI, CNE, CSSN on 10/24/2009 02:19 AM

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This post has been included in Arizona Information Maricopa County, AZ Information Surprise, AZ Information

1 Comments on Foreclosure VS Short Sale: How each affects future loans with any Mortgage Company

OCT

Hi Shayne, this is a great point. My lender just said he saw the effects of a short sale on a recent credit report that he pulled and he said it had the same "credit impact" as a foreclosure and showed as a default as opposed to a paid as agreed which is what we shoot for in the negotiation.

Are you finding the same to be true?

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Shayne Kilber, Realtor, CDPE, GRI, CNE, CSSN

Surprise, AZ

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Keller Williams Professional Partners

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