Short Sales or Deed in Lieu of Foreclosure
Many homeowners over the last few years have either sold short or did a deed in lieu of foreclosure to get out from under their mortgages. Perhaps the most common question is how long before I am able to apply for a loan in the future, good question isn't it? 
While the answer may vary due to circumstances one thing you need to do is run a free credit report. One can go to annualcreditreport.com and get a free report from the three credit reporting bureaus Experian, Transunion and Equifax. Do this after you have done a short sale or deed in lieu of foreclosure and it has been accepted and signed off by the investor or mortgage company. You need to make sure the balance owed reads zero. If you don't get this balance to zero you may never qualify for a loan ever. lenders aren't good at reporting the zero balance after they have forgiven your loan. If you see a balance on the report you can dispute it online and you should have an answer fairly quickly. If you have trouble getting the account zeroed out I advise you to call the credit bureau and speak to them and explain it to them. As soon as your account gets zeroed out your credit score will increase somewhat immediately. You still will have to wait a while for a loan but your credit repair will now start.
It's imperative that all three have a zero balance reported, afterall one bad score is as bad as all three reporting a bad score.
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