disposition of a mortgage short sales in phoenix: Disposition of Previous Mortgage – Don’t Let This Blow Your Transaction - 09/17/10 01:16 PM
Anyone that has successfully closed a short sale in the last few years can benefit from knowing what to expect when purchasing a home in the future.  It's very likely the borrower had to make late payments during their negotiations with the bank before their short sale closed.  These late payments may no longer be affecting their current credit score; however, the underwriter will review their entire credit history when determining their ability to repay a mortgage loan.  If late payments are reflected within their mortgage history, the underwriter will want a letter of explanation. 
I've personally seen a borrower's credit … (35 comments)