I've been thinking, again,  My most recent thoughts bring me to how a short sale or foreclosure will affect credit reports in the future.  There are so many people affected by the mortgage meltdown on 2007 that I wonder if lenders will few these items as a footnote. "OH yes, another person who got caught."

Now does this mean everyone should bale out of thier homes?  No.  Can you afford your home? Can you keep making your payment? Do you have any reserves, assets?  Do you HAVE to move?

No one knows for sure what is going to happen.  You can be pretty sure that 100% stated loans are gone, Adjustables loans are already going through SERIOUS re-vamping.  However, if you have a down payment, a good job, chances are you will be able to get a loan in the future.

If you have questions about a short sale or foreclosure, contact a Realtor with experience in Short Sales, a GOOD CPA and/or an attorney.  These people are all allies.